Ripple CBDC advisor Anthony Welfare is excited about the use of XRPL for real-world assets and NFT verification.
NFTs function as a bridge connecting the physical and digital worlds. Welfare cited an artwork NFT with a scan verifying the "phygital" chip and the NFT QR code as an example of how XRPL could be used in the real world.
Last year, XLS-20 (the standard for XRPL NFTs) went live on the XRP Ledger mainnet, presenting a significant turning point for developers and builders utilizing the XRPL for their NFT projects and apps.
XRPL now has access to NFT minting, trading and burning functions thanks to the XLS-20's built-in NFT functionality. XLS-20 also made it possible to use advanced features like co-ownership of assets, automated royalties and more without the use of smart contracts.
Hong Kong plans to test digital dollar on XRPL
The XRP Ledger utility continues to grow. In a recent tweet, Welfare brought attention to how Hong Kong intends to test its digital dollar in the $229 billion mortgage market using XRPL and Ripple CBDC technology.
In May, Ripple announced that it had been chosen to participate in the Hong Kong Monetary Authority's (HKMA) first-ever e-HKD Pilot Program and showcase a real estate asset tokenization solution.
According to the pilot participants, the central bank of Hong Kong intends to test the use of its digital currency as part of a pilot project in the $229 billion mortgage market. The goal is to cut the month-long loan approval procedure in half.
Fubon Bank (Hong Kong) and Ripple, two of the pilot participants, will examine the usage of the e-HKD in residential mortgage loans, which made up one-fifth of the loan book for the banking industry in recent months, according to Welfare.
In the pilot study, it will be evaluated whether home buyers can get e-HKD loans in an e-wallet both online and offline.