The long-awaited launch of NFT on XRP Ledger may soon become a reality. Work appears to be highly advanced. Any minute now the validators will make a final decision.
Ripple with its project supporting NFT almost ready
A few weeks ago, we reported on the problems Ripple encountered in developing its proprietary NFT support platform. If you are not up to date, be sure to take a look at the article titled: “NFT on XRP Ledger from Ripple delayed – here’s why!”. You will learn all about what caused these complications.
Nevertheless, time is passing and there are many indications that Ripple has managed to deal with the limitations. Thus, there is a very high probability that Ripple NFTs will enter the market within the next two weeks. There is, of course, one condition. 80% of network validators must vote in favor of XRPL Amendment v1.9.2 (XLS-20).
The market is eagerly awaiting the approval and implementation of the new features. This is because the XLS-20 proposal allows NFTs to be created without the need for smart contracts. This solution is also expected to have no impact on XRP Ledger performance. Regarding this fact, some network developers previously had concerns. In addition, the NFT handling standard has been enhanced with minting and auction functions.
Ripple’s long work on NFT
Ripple’s long and meticulous work on supporting NFT tokens on its platform seems to have missed the period when these tokens enjoyed their greatest triumphs. The first announcement of NFT support on XRP Ledger took place in May 2021. It was intended as a competing solution to Ethereum. Here, support did not require the payment of high gas fees, as was the case with the proposal for the second largest cryptocurrency. Ripple, on the other hand, unveiled NFT-Devnet as early as 2022. This was intended to encourage developers to create NFTs in the XLS-20d proposal, which was a test version for the network. Its scope included beating, burning, trading, and the inclusion of a royalty structure for developers.
Thus trading channels such as NFTTokenMint, NFTTokenBurn and NFTTokenCreateOffer were launched.
Long queue of those willing to create NFTs on XRP Ledger
Several collections preparing to launch NFT on the XRP Ledger have already announced their drops. Among them are RPL Wild Stag Treehouse, Astute Scholarz and NFT Pawn Kings. The validators’ vote on the XLS -20 proposal also opens the door for Sologenic. This decentralized exchange, just built on XRP, hopes that Ripple’s launch of the NFT branch will attract a wide range of new users to it.