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Ripple Introduces New NFT Use Cases as Winners of 2022 XRPL Hackathon Unfolds

Wed, 04/06/2022 - 15:10
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Tomiwabold Olajide
RippleX is open platform for money, enabling developers and entrepreneurs
Ripple Introduces New NFT Use Cases as Winners of 2022 XRPL Hackathon Unfolds
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RippleX shares details on winners from the recently concluded XRPL NFT-Devnet hackathon and NFT use cases that the developers started building out on the Ledger. RippleX is an open platform for money, enabling developers and entrepreneurs to build payments into their applications through XRP Ledger.

XRP Ledger currently includes built-in native token functionality called XLS-20d. Currently, the NFT-Devnet, a beta environment that improves XRP Ledger's NFT capabilities, is being utilized.

While the majority of early NFT use cases revolved around avatars, art and collectibles, more utility-based applications are starting to emerge, necessitating the development of more advanced NFT solutions on the XRPL.

Ripple proposed XLS-20 last year, a standard that would allow XRP Ledger to offer a native NFT type and a smooth NFT experience. The new XLS-20 standard seeks to assist developers in creating more advanced and innovative NFT apps on the XRPL platform.

In mid-March, Ripple stated that it would commit 1 billion XRP to speed up development and new use cases on the XRP Ledger (XRPL). The fund, which is an outgrowth of the XRPL grants program, was established in 2021 and has since awarded $6 million in total funding to over 50 open-source projects based on the XRP Ledger.

Ripple's shared aim with the developer community to help build the Internet of Value by bringing enhancements and new use cases to blockchain technology, specifically the XRPL, is furthered through the XRPL grants program. The XRPL grants program's first two waves focused on research involving NFTs and Federated Sidechains, respectively.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.