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XRP Ledger Set to Gain New NFT Amendments, Here's More

Sun, 08/20/2023 - 11:53
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Tomiwabold Olajide
Amazing progress made since launch of NFTs on XRP Ledger
XRP Ledger Set to Gain New NFT Amendments, Here's More
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XRP Cafe, a top NFT marketplace on XRP Ledger, has shared important information regarding NFTs on XRPL.

According to XRP Cafe, new XRPL amendments with improvements to NFTs are set to pass in less than 24 hours. This is because the set requirements have been met. The UNL vote has stayed above the required 80% threshold for almost two weeks.

The NFT marketplace shares a screenshot of the amendments to be activated, per the leading explorer for XRP Ledger, XRP scan.

XRP Ledger EVM Sidechain Releases New Test Version; Here's What Changed

On XRP Ledger, NFTs are built into the core protocol, and unlike issued currencies (also known as native tokens), they do not require smart contracts for creation or transfer.

NFTs were standardized by XLS-20 in October 2022, introducing perks such as royalties and anti-spam measures that help users avoid undesirable tokens while also being compliant.

Automatic royalties for NFTs on XRP Ledger are enforced at the chain protocol level, according to Ripple director Emy Yoshikawa, and creators are not at the mercy of individual marketplaces. Token issuers' rights are safeguarded by XRP Ledger.

XRP Ledger L2 Smart Contract Hints at Timeline for Critical Milestone for Launch

Since the introduction of NFTs to XRP Ledger in October 2022, amazing progress has been made.

In an XRPL Q2 report, Messari noticed that total NFT transactions were one of the few network activity metrics that grew every quarter.

The average daily NFT transaction climbed by 12.7% QoQ from 13,800 to 15,500. Almost all NFT transaction types rose QoQ, while NFTokenCreateOffer's dominance increased to more than 50% of all NFT transactions. As of the conclusion of the second quarter, 1.6 million total NFTs had been minted with the XLS-20 standard.

In another positive development, the Bologna-based motorcycle manufacturer Ducati chose XRP Ledger (XRPL) to launch its first-ever Web3 digital collectibles last month.

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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.