XRP Ledger Proposes Native NFT Support to Challenge Ethereum’s Dominance

One sentence summary – The XRP Ledger is proposing the implementation of native NFT support to challenge Ethereum’s dominance in the NFT market, with the XLS-20d proposal awaiting approval to provide a platform for artists and creators to showcase and trade NFTs.

At a glance

  • XRP Ledger is proposing the implementation of native NFT support to challenge Ethereum’s dominance in the NFT market.
  • This move is a significant advancement for XRP Ledger, which has never been closer to natively supporting NFTs.
  • NFTs are unique digital assets used to verify ownership of content and gained substantial popularity in 2021.
  • XRP Ledger has been actively working on adopting smart contracts known as “Hooks” and has a passionate community called the “XRP Army.”
  • Ripple, the company behind XRP Ledger, has shown significant support for NFT deployment and has launched a $250 million fund to support digital artists interested in exploring NFTs on the platform.

The details

The XRP Ledger is preparing to challenge Ethereum’s dominance in the non-fungible token (NFT) market by proposing the implementation of native NFT support.

This move is a significant advancement for XRP Ledger, which has never been closer to natively supporting NFTs.

NFTs, or non-fungible tokens, are unique digital assets that are used to verify ownership of content.

These tokens gained substantial popularity in 2021, particularly in the realm of digital art.

XRP Ledger is a decentralized blockchain system that was launched in 2012.

Over the years, it has been actively working on adopting smart contracts known as “Hooks”.

It has also fostered a passionate community called the “XRP Army.”

In 2021, XRP Ledger took its first steps towards NFT support with the XLS-14d proposal.

The XLS-14d proposal was subsequently replaced by the XLS-20d proposal, which introduced more generalized NFTs.

The latest proposal, XLS-29d, aims to remove the possibility of “spam” transactions, addressing potential concerns in the implementation process.

These proposals signify the ongoing efforts to integrate NFT functionality into XRP Ledger.

Ripple, the company behind XRP Ledger, has shown significant support for NFT deployment on the platform.

They have launched a $250 million fund to support digital artists interested in exploring NFTs on XRP Ledger.

Ripple has also partnered with projects like Mintable, Ethernity, MomentoNFT, and NFT Pro to foster NFT development.

Additionally, notable partnerships with Lotus and Michael Jordan have been established for their inaugural NFT collections on XRP Ledger.

Currently, the XLS-20d proposal is awaiting approval from XRPL validators.

If approved, XRP Ledger could potentially integrate native NFT functionality in the coming weeks.

This activation of NFTs on XRP Ledger would mark a significant update for Ripple and the XRP Ledger ecosystem.

XRP Ledger’s proposal to implement native NFT support represents a bold move to challenge Ethereum’s dominance in the NFT segment.

With the XLS-20d proposal awaiting approval, XRP Ledger is on the cusp of providing a decentralized and robust platform for artists and creators to showcase and trade NFTs.

As developments unfold, the integration of NFT functionality will undoubtedly bring new opportunities and possibilities to Ripple and XRP Ledger.

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u.today
– XRP Ledger is preparing to challenge Ethereum’s dominance in the NFT segment.
– Ripple developers have proposed implementing native NFT support on XRP Ledger.
– XRP Ledger has never been as close to native NFT support as it is now.
– NFTs are unique digital assets used to verify ownership of content.
– NFTs gained popularity in 2021, with high prices for digital art objects.
– XRP Ledger is a decentralized blockchain system launched in 2012.
– XRP Ledger has been working on adopting smart contracts called “Hooks.

– XRP Ledger has a passionate community called the “XRP Army.

– XRP Ledger made its first steps towards NFT support in 2021 with the XLS-14d proposal.
The XLS-20d proposal replaced the XLS-14d proposal and introduced more generalized NFTs.
The XLS-29d proposal aims to remove the possibility of “spam” transactions.
The implementation of native NFT support involves minor changes to the XRP Ledger codebase.
– Ripple has launched a $250 million fund to support digital artists interested in NFT deployment on XRP Ledger.
– Ripple has partnered with projects like Mintable, Ethernity, MomentoNFT, and NFT Pro.
– Ripple has also partnered with Lotus and Michael Jordan for their inaugural NFT collections on XRP Ledger.
The XLS-20d proposal is awaiting approval from XRPL validators.
– XRP Ledger could have native NFT functionality in the coming weeks.
The activation of NFTs will be a significant update for Ripple and XRP Ledger.

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