Ripple's XRPL Now Supports NFTs

Ripple’s XRPL Now Supports NFTs

Ripple’s XRP Ledger (XRPL) has added support for non-fungible tokens (NFTs) and the company wants to accelerate the mass adoption of tokenization.

As of Oct. 31, the blockchain supports NFTs (through a standard Ripple calls XLS-20) after a vote approved rolling out the technology. The move comes after Ripple a year ago created a $250 million fund to explore NFT innovation on its XRPL blockchain.

David Schwartz, chief technology officer of Ripple Labs, told CoinDesk in an interview this week that the goal is to enable mass adoption of tokenization – representing ownership of real-world things through NFTs – by offering lower costs, higher speeds, and improved security over existing blockchains. Ethereum is among the incumbents.

“You’re going to see projects based on things like carbon credits and real estate ownership and all these different use cases,” he said in an interview. “Anything that you can own all or some of that is unique, that can be represented by an NFT.”

The implementation of the new XLS-20 standard on the XRP Ledger finally happened, albeit later than planned. However, the event, fortunately, coincided with the start of Ripple’s third wave of grantmaking.

The crypto company, which relies on XRPL and XRP for its work, has created a $250 million fund to support the creation of NFTs on XRP Ledger. As part of its new wave of recruitment, Ripple hopes to engage those NFT creators whose work is based around the interaction of digital and real-world products. 

Funding for such initiatives will range from $25,000 to $250,000. Thus, with the launch of XLS-20, those who want to try their luck can immediately start building NFTs on XRPL using the current innovation.

Ripple is entering the NFT space at a time when royalties for digital creators are in the spotlight. Prominent marketplaces including X2Y2, Magic Eden, and LooksRare have made royalties optional, which has attracted scorn from some.

Doing so can limit creators’ ability to profit from their work. Ripple’s initiative aims to mitigate that by allowing artists to integrate their royalties on-chain.

As reported, Ripple announced the second wave of creators receiving funding from its $250 million Creators Fund for their web3 and NFT projects in late October. 

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.

Read More:

What are NFTs Used For?

Why Are NFTs Valuable?

How are NFTs Bad for the Environment?

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