Ripple introduced XLS-20, a standard that would allow XRP Ledger to provide a native NFT type as well as a smooth NFT experience. The new XLS-20 standard is intended to help developers create more powerful and innovative NFT applications on the XRPL platform.
Ripple’s Creator Fund, which invests USD 250 million to assist inventors in getting started with their NFTs, was launched in September 2021. The Ripple team claims to have received approximately 4,000 applications for projects centred on NFT use cases in gaming, metaverses, music, entertainment, art, collectibles, and other areas since the introduction of the Creator Fund. xPunks, Steven Sebring, and Justin Bua are among the Creator Fund recipients who are taking their NFTs to the next level.
XLS-20d native token functionality is presently incorporated into the XRP Ledger. A beta environment called NFT-Devnet will be used by people in the first wave of the NFT Creator Fund. It will help people work on things like NFT on the XRP Ledger.
While avatars, art, and collectibles dominated early NFT use cases, more utility-based applications are beginning to emerge, necessitating the development of more advanced NFT solutions on the XRPL.
Ripple highlighted in a recent release that as the technology and its use cases evolve, it will be these real-world applications that deepen NFT experiences and bring value to the community.
The key utility-based use cases that it expects will have the greatest immediate effect are media and entertainment, carbon credits, and real estate. Ripple said that it intends to explore more tokenization opportunities on XRPL as products are built, evaluated, and tested on NFT-Devnet. The RippleX team may propose that their NFT standard be implemented into a future software release in the hopes that the new NFT capabilities will inspire innovative ideas and applications from the XRPL community.
