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Non-fungible tokens, or NFTs, have been one of the most popular characteristics in the crypto-space over the last six months, with volumes on leading platforms increasing by up to 25x in a couple of months. While the statistics have recently levelled, NFTs remain quite popular even today.
Furthermore, there are predictions that NFTs will no longer be a fad, with several prominent crypto-proponents underlining their great potential. Indeed, according to others, such as WAX Co-Founder William Quigley, NFTs are accomplishing something that Bitcoin and Ethereum surely aren’t: they are promoting “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 asked developers for feedback on the aforementioned concept.
This is a significant milestone that demonstrates the immense promise that many see in NFTs, despite the fact that others have projected that this field may be in 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.
It’s worth noting here that, in establishing the aforementioned standard and projecting the XRP Ledger as the putative “blockchain of choice for NFTs,” RippleX also echoed traditional ideas about cost-efficiency and sustainability.
The latter, in particular, has recently been exploited as a talking point, particularly in the context of the discussion about Bitcoin’s claimed energy use. In fact, some have claimed that Ripple is the corporation responsible for the scepticism surrounding the matter at hand.
Ripple executives have previously advocated for the usage of XRPL for CBDC adoption.