Here’s what RippleX’s new proposal involving NFTs and XRP ledger can do
Non-fungible tokens or NFTs have been one of the most popular properties in the crypto-space over the past 6 months, with volumes for the same on top platforms climbing by as much as 25x in a matter of months. While the figures for the same have flattened lately somewhat, NFTs remain incredibly popular even today.
What’s more, there are expectations that NFTs aren’t a fad anymore, with many popular crypto-proponents highlighting their enormous potential. In fact, according to some like WAX Co-founder William Quigley, NFTs are doing what the likes of Bitcoin and Ethereum probably aren’t – They are encouraging “mass adoption.”
Needless to say, many entities in the crypto-space are now intent on cashing in on the aforementioned popularity, with Ripple being one of them.
Back in February, for instance, XRPL Labs and Wietse Wind had proposed a standard for using existing functionality to issue NFTs on the XRP Ledger. Following the same, the team had also started working on an embedded xApp in the XRP wallet XUMM for minting NFTs on XRPL.
Now, according to a recent announcement made by Monica Long, RippleX, Ripple’s Open Developer platform, has proposed “additional functionality that would provide enhanced NFT support on the XRP Ledger.” The aforementioned announcement added,
“Pending implementation and an 80% vote in favor of enabling the amendment, developers would be able to support more NFTs at lower cost, offer to buy or sell NFTs, leverage auction functionality, and direct a cut of secondary sales to the original issuer on the XRPL.”
RippleX has also invited developers to provide feedback on the said proposal.
This is a significant development, one which underlines the growth potential seen by many in NFTs, despite the fact that some have speculated that this space might as well be a bubble.
In fact, the present development is also an extension of what Ripple CTO Davis Schwartz has said in the past. In a previous interview, the Ripple exec had highlighted NFTs’ potential long-term benefits, while also cautioning that he isn’t certain if NFTs “are a fad or not.” In light of the latest proposed standard, however, it would seem that the thinking within Ripple is that it’s not.
Here, it’s worth noting that in proposing the aforementioned standard and projecting the XRP Ledger as the supposed “blockchain for choice for NFTs,” RippleX also reiterated old notions of cost-efficiency and sustainability.
The latter, especially, has been used as a talking point a lot lately, especially in the context of the debate around Bitcoin’s alleged energy usage. In fact, some have argued that Ripple is the company behind the FUD associated with the subject in question.
In the past, Ripple execs have also batted for the use of XRPL for CBDC adoption.