Ripple NFT– If 80% of the network’s validators vote in favor of the XRPL Amendment v1.9.2, Ripple Non-Fungible Tokens (NFTs) will go live on the XRP Ledger in two weeks (XLS-20).
Without using smart contracts, Ripple NFTs can be created on the XRP Ledger using the XLS-20 proposal. The standard includes minting and auction facilities.
The proposal also allows NFTs to be created with a minimal negative impact on the XRP Ledger performance and network congestion.
In order to encourage developers to experiment with NFT capabilities in the XLS-20d plan, Ripple Labs announced an NFT-Devnet earlier in 2022. The beta version contained functions for minting, burning, trading, and NFT creator royalty arrangements. The NFTTokenMint and NFTTokenBurn transactions could be used to create and destroy NFTs, respectively. Owners could be presented with an offer via an NFTTokenCreateOffer transaction from a potential buyer.
In May 2021, Ripple initially revealed NFT functionality for the XRP Ledger in order to lower the gas costs associated with NFT minting on Ethereum.
The second group of aspiring NFT artists to join Ripple’s $250 million NFT Creator Fund was just revealed. The business uses the fund to offer independent artists technical, financial, and marketing know-how to aid in the promotion of their work.
For the second wave, Ripple Labs is focusing on music-based projects.
Ripple Labs announced the Creator Fund in Sep. 2021, in partnership with marketplaces mintNFT and Mintable. In March 2022, the company had onboarded over 4,000 NFT artists.
The xSTIK collection could be among the first NFTs that could launch with the XRP Ledger in two weeks.
The company first captures the customer’s ideas and then passes them on to Stik for creation. The company then completes the minting process before sending the NFT to the customer’s crypto wallet. Customers can choose from three customization tiers: Rare Tier Customized NFT (1,600 XRP), Custom Tier NFT Package (7,200 XRP), and Custom Head NFT (1,500 XRP worth of the $xSTIK token). An NFT owner from each of the different tiers can secure between 1 and 20 points toward being added to the NFT Richlist. The TOP30 in the NFT Richlist will have their NFTs automatically staked to receive XRP rewards. Those from the TOP31 position onwards that hold at least two NFTs will be paid out in the xSTIK token.
If the XLS-20 plan is approved, interest in Sologenic, a decentralized exchange and NFT marketplace built on top of the XRP Ledger, is anticipated to grow. Popular NFT collections in the market include Batch 4 Collections, New Generation B1, and Bullrun Bulls #2 Collections.
Before the debut, NFTs are also being airdropped by the makers of collections like XRPL Wild Stag Treehouse, Astute Scholarz, and NFT Pawn Kings.
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