Ripple’s XRP Ledger Could Support NFTs by Late October

Ripple’s XRP Ledger Could Support NFTs by Late October

Ripple, a major payments settlement system and currency exchange network, could enable support for non-fungible tokens (NFTs) by late October, or in just six days. 

In a tweet, Emi Yoshikawa, Ripple’s vice president of corporate strategy and operations, said the countdown to XLS 20 Amendment v1.9.2 began on October 17, with over 80% of the network validators having to vote in its favor. As of press time, the votes had a 91.43% consensus.

The XLS-20 is the proposal for creating native NFTs on the XRP Ledger. According to Ripple, the proposal seeks to make the creation of NFTs efficient on XRPL. At the same time, the proposal ensures that these new digital assets do not negatively affect the ledger’s performance.

Ripple’s General Manager Monica Long said the proposal would allow developers to “create NFTs without the additional security risks and complexities—and therefore room for error—that come with smart contracts since XRPL does not require them to run to accomplish many tasks.”

Meanwhile, XRPL Labs lead developer Wietse Wind had previously withdrawn his support for the proposal because a bug was discovered.

Ripple Announces Second Wave of Funding Aimed At Web3 and NFT Projects

Ripple has also announced the second wave of creators receiving funding from its $250 million Creators Fund for their web3 and NFT projects.

In a press release, the company said that some of the creators who received the funding included 9Level9, Anifie, Capital Block, NFT Master, etc. The firm stated that the selected projects would leverage XRPL to bring life to this sector within its ecosystem.

“Web3 technology continues to transform the creator economy by giving power back to the creators. We’ve seen real utility in NFTs with the art community, and it is no surprise we are seeing tremendous growth from the entertainment and media industry as a way to cultivate relationships directly with their audiences, and offer new content distribution channels,” RippleX VP of Growth Markus Infanger said.

Launched a year ago, Ripple’s Creator Fund is a $250 million commitment to help creators with the financial, creative, and technical support needed to explore and craft NFTs and other tokenization projects on the XRP Ledger. Notable quotes from this year’s Wave 2 Creator Fund recipients:

“The Ripple Creator Fund has allowed our team to stop and think about how we can use NFTs to solve problems, break down traditional forms of monetization, and reinvent how value is transferred,” said Andrew Kaskaniotis, Founder of videomaster and nftmaster. 

“This opportunity has enabled our team to bring some of the very best video content on the internet to the XRP Ledger where the creators can set the rules and the viewers are in full control,” Kaskaniotis added. 

Read More:

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Why Are NFTs Valuable?

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