NFT
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Today, in a tweet, Ripple CTO David Schwartz announced that the XLS-20 amendment is now available on the mainnet thanks to the efforts of the XRPL community and Ripple developers.
THANKS TO THE COLLECTIVE EFFORT OF THE #XRPL COMMUNITY AND THE @RIPPLEXDEV ENGINEERS, XLS-20 IS NOW ON THE XRP LEDGER MAIN NETWORK AND SEVERAL NFTs HAVE ALREADY RELEASED. (1/4)
— DAVID “SANTACLAWS” SCHWARTZ (@JOELKATZ) OCTOBER 31, 2022
RippleX, an account of the Ripple development team, confirmed the news with reference to Schwartz’s tweets. RippleX, subtly hinting that development began on Halloween, said, “Treat yourself to NFTs in the XRP Ledger starting today.”
NOT A TRICK 🚨TREATE YOURSELF WITH NFT IN XRP LEDGER STARTING TODAY. #MINTONXRPL https://T.CO/UBAQP0CIHA
— RIPPLEX (@RIPPLEXDEV) OCTOBER 31, 2022
Not surprisingly, the community greeted this announcement with excitement. Users noted that it was already a good day for the community. Before that, news broke that Coinbase had requested an amicus report in favor of Ripple in its long-running legal battle with the U.S. Securities and Exchange Commission.
Why NFTs on XRPL are unique
In a blog post published and written by Schwartz on behalf of the RippleX team, the CTO highlights some of the things that make the NFT functionality on XRPL unique.
First, the developers used a “no-smart contract approach”, making NFTs on XRPL less vulnerable to attacks, less likely to cause network congestion, and cheaper. Notably, this approach solves the problems encountered with NFTs on leading Tier 1 blockchains such as Ethereum.
Also, with the XLS-20, a portion of the secondary sales can be directed to the original minter and people can become NFT co-owners.
Additionally, with XRPL’s built-in decentralized exchange (DEX), XLS-20 offers automatic royalties to NFT creators. According to the post, creators get a share of the revenue through transfer fees.
It is worth noting that Ripple CTO Nick Bougalis, who recently expressed his desire to retire after a decade with the company, first proposed the XLS-20 amendment in 2021. The proposal looked ready for implementation in September, but faced a setback after developers became aware of a critical bug.
Although it only required a quick fix, Combat Kanga stressed that the implementation would take at least a month as validators needed to take their time to test the code before voting again.
The latest development now positions XRPL as a strong competitor to Ethereum and is likely to drive more widespread adoption of XRP.
#XLS20 #Launches #NFTs #XRP #Ledger
