
Emi Yoshikawa, Ripple's vice president of corporate strategy and operations, has announced that XRPL validators have started voting on the XLS-20 amendment, which would enable native non-fungible tokens (NFTs).
At least 80% of them have to vote in favor of the proposal over a two-week period in order to ensure its passage. At press time, seven validators (Brex.io, Bitso, and others) have voted against the proposal.
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As reported by U.Today, RippleX announced that it was confident that the XRL Ledger would be able to support the XLS-20 standard after conducting rigorous testing.
The XRPL bills itself as a perfect fit for NFTs because of its high throughput, cheap fees, and extremely low energy consumption.
Last September, Ripple announced the launch of a $250 million fund that is specifically focused on sponsoring creators who choose to issue their NFTs on top of the XRP Ledger. Earlier this year, the fund onboarded a bunch of creators, including the producer behind Michael Jordan's visual autobiography.
The XLS-20 standard has such in-built features as auctioning and minting, simplifying the process of creating NFTs.
Last month, Ripple formed a partnership with Web3 firm CrossTower in order to display XRPL-powered NFTs on its marketplace.
The NFT sector is currently in the middle of a massive crisis, with OpenSea’s trading volume collapsing 99%.