Ripple set foot in the NFT space at a time when royalties for digital creators are in the public eye and impressively achieve a milestone that brings NFTs to the XRP Ledger to represent digital assets that are each unique along with operations to enumerate, transfer and hold such tokens.
Ripple’s Blockchain Technology Roll Out That Supports NFTs
Ripple’s XRP Ledger (XRPL) rolls out blockchain technology that supports NFTs as of Oct. 31. By the means of a standard for XRPL NFTs called XLS-20 that seeks to bring significant ease to the developer’s creation process. The XLS-20 can create native NFTs on the XRP Ledger without the additional security risks and complexities. In addition, XLS-20 are compact and efficient, reducing any negative impact on the XRP Ledger’s performance and avoiding congestion at scale. The advancement comes a year after Ripple created a $250 million fund to explore NFT innovation on its XRPL blockchain.
Chief technology officer of Ripple Labs, David Schwartz, announced the XLS-20 represents a big step forward for developers and builders utilizing the XRPL for their NFT projects and apps. Moreover, he told in an interview with CoinDesk that the goal is to enable mass adoption of tokenization by offering lower costs, higher speeds, and improved security over existing blockchains representing ownership of real-world things through NFTs.
Ripple’s Initiative Aims To Integrate Artists’ Royalties On-Chain.
Ripple proposed that XLS-20 are transparent and sustainable future for NFTs. Existing notable marketplaces including X2Y2, Magic Eden, and LooksRare have made royalties optional, which has drawn criticism and limits creators’ ability to generate revenue from their work. Ripple is taking steps to ease the limitation by allowing artists to integrate their royalties on-chain.
NFTs on the XRPL include automatic royalties which standardize royalty enforcement. The automatic royalties give creators a share of the revenue that comes from trading their NFTs. Creators can also designate a third party who can mint and sell their tokens on their behalf.