Ripple Forms New Standard to Allow for Complex NFT Apps on $XRP Ledger

  • To aid developers to develop more robust and creative NFT applications on the XRPL platform, a new XLS-20 standard has been created.
  • “Several new developer programs will be launched with the assistance of Ripple’s fund.”
  • Developers will be distributed 1 billion tokens in 10 to 20 years to help them develop applications and scale their businesses on the XRP Ledger.

The XLS-20 standard was suggested by Ripple last year, and it would enable the XRP Ledger to provide a native NFT type and an enjoyable and seamless NFT experience.

Ripple’s Creator Fund, which spends $250 million to assist innovators in getting started with their NFTs, was founded in September 2021 and had a target investment of $500 million. Since the launch of the Creator Fund, Ripple claims that 4,000 applications have been submitted for projects in the gaming/metaverses, entertainment/music, art/collectibles, and related sectors. A few of the Creator Fund awardees who are taking their nonfiction works to the next level are xPunks, Steven Sebring, and Justin, to name a few names.

The XRP Ledger now features native token capability, referred to as XLS-20d, integrated into the system. A beta environment, NFT-Devnet, which will assist in developing the NFT capabilities of the XRP Ledger, will be available for participants in the first wave of the NFT Creator Fund.

The bulk of early NFT applications was on avatars, art, and collectibles. The XRPL has been able to develop more sophisticated NFT solutions in recent years due to the emergence of new utility-based applications.

Ripple said it intends to reveal further tokenization options on XRP as the applications are built, evaluated, and tested on the NFT-Devnet. A number of the key utility-based use cases, including media and entertainment, carbon credits, and real estate, are among those the company feels will have the most significant immediate effect. Ripple may propose that it be included in a future release of its software based on the assumption that NFT will be integrated to encourage the creation of breakthrough projects and applications by the XRPL community.

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