Main navigation

Ripple to Explore New NFT Use Cases as It Backs NFT Lending Start-up

Fri, 07/15/2022 - 11:22
article image
Tomiwabold Olajide
XLS-20 standard proposed by Ripple aims to make NFT creation on XRPL highly compact and effective
Ripple to Explore New NFT Use Cases as It Backs NFT Lending Start-up
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Ripple General Manager Monica Long is enthusiastic about the unveiling of new NFT use cases such as ticketing experiences, as Ripple backs NFT lending start-up Supermojo. As reported by Fortune magazine, former Ripple executives have raised $6 million for new NFT financing and lending start-up Supermojo.

In a recent July Ripple Drop edition, Monica Long discusses how use cases for NFTs can go beyond the most typical use case, which is collectibles.

"The applications of NFTs can extend to lots of different industries, but the core idea is about ownership," she stated. According to the Ripple GM, NFTs' special attributes that define ownership might be especially useful for assets like, say, real estate titles or carbon credits.

This XLS-20 standard proposed by Ripple aims to make NFT creation on the XRPL highly compact and effective, minimizing any negative effects on the ledger's performance and preventing congestion. With built-in functions like minting and auctioning, XLS-20 aims to significantly simplify the creation process for developers.

AMM functionality on the XRP Ledger

Last month, RippleX proposed adding native automated market maker (AMM) functionality to the XRP Ledger for consideration by its developer community.

Now, the proposal is gearing up to receive feedback. Although it would be a novel addition to the XRP Ledger, an automated market maker is by no means the first of its kind.

Despite being a late entrant, this AMM hopes to be a very attractive contribution to decentralized finance because of the distinctive AMM concept it provides and the performant nature of XRP Ledger. The novel continuous auction mechanism hopes to be the AMM protocol's most distinctive feature.

article image
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.