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Ripple NFTs

Ripple NFTs To Launch In 2 Weeks On The XRP Ledger

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Even though the hype around non-fungible tokens (NFTs) has died down considerably over the past few bear market months, Ripple NFTs developer community continues to invest in this promising market segment of the crypto space.

In late September, Ripple announced a $250 million fund to support tokenization innovation that will enable the creation of functional Ripple NFTs on the XRPL in areas such as real estate, media, carbon credits and more.

First released in April 2022, Ripple Labs introduced XRP Ledger Version 1.9. which brought NFT functionality to the devnet with XLS-20.

The amendment introduces support for non-fungible tokens, which has been available to the developer community for several months now. Developers can create applications that allow users to mint, transfer and eventually burn NFTs on the XRP Ledger.

Related Reading: Ripple (XRP) Launches $250 Million Creator Fund To Bolster NFTs On XRPL

Ripple NFTs Set To Launch In 2 Weeks

The amendment was up for vote over the past few days in accordance with the XRP Ledger amendment process, which allows protocol changes after two weeks with more than 80% support from trusted validators. Currently, a look at the XRPL amendment v1.9.2 (XLS-20) reveals that more than 80% approve the update.

XRPL Amendment v1.9.2 (Xls20) – 2 weeks countdown has begun! pic.twitter.com/3MZaT0Yr4M

— Emi Yoshikawa {X} (@emy_wng) October 17, 2022

The special thing about the protocol update is that Ripple NFTs on the XRP Ledger do not require smart contracts, as the minting and all other functions are integrated directly on the ledger. In doing so, the developers promise minimal negative impact on the XRP Ledger’s performance and network congestion by creating NFTs.

However, a warning is also issued on the official XRPL blog. Because the road to XLS-20 activation has been long, some members of the community have expressed concerns about the pent-up demand for minting NFTs and converting Ripple NFTs from the outdated XLS-14d specification.

Several collections preparing for launch have also announced airdrops, including RPL Wild Stag and Astute Scholarz.

Related Reading: How Ripple Bolsters Its Foothold In Europe, New Partnerships Announced

Therefore, when v1.9.2 is activated, the start of Ripple NFTs minting may cause a temporary increase in traffic on the XRP Ledger network, leading to higher transaction costs and temporary network congestion.

Ripple NTFs

Image: NFT Dawn

Music, Sports And Gaming NFTs Coming To The XRP Ledger

As part of its $250 million NFT fund, Ripple yesterday unveiled its second cohort of NFT artists. The second wave of partners focuses on NFT projects in the entertainment space and aims to tap into a broader range of NFT use cases on the XRP Ledger (XRPL).

Creators are providing use cases for games, music, media, and the metaverse on the XRPL.

Among the use cases supported are an avatar tool for designing and minting unique, cross-metaverse NFT avatars, a Japanese metaverse music show offering customizable NFT avatars and digital apparel, an IP production company for artists with innovative music and video contracts, to a marketplace for sports clubs.

After a strong rally at the end of September, XRP is currently in a consolidation phase. Investors are apparently waiting for exogenous forces, such as an upward trend in Bitcoin or any further progress in the legal battle between the Securities and Exchange Commission (SEC) and Ripple.

On the daily chart, XRP is currently still above the 200-day moving average and has a neutral RSI of 47.

XRP USD
XRP trending sideways. Source: TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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