NFT Minting on XRP Ledger in Q4 2022: Ripple Report
NFT (non-fungible token) minting on the XRP Ledger is just around the corner, according to Ripple’s Q3 market report. Now Ripple developers proposed native NFT support on the network back in Q1 of 2022. The goal was to give developers access to non-fungible token minting, trading and burning functions.
However, a bug was discovered that could potentially be used by ill-intentioned players “to perform a denial-of-service attack on NFT issuers.” Thus, the developers withdrew their votes. Instead, a new proposal was presented to remove the mechanism that caused the error to appear. According to the report, the new proposal has over 80% of the vote, more than the number needed for implementation. The community expected the proposal to go live in the fourth quarter of this year, which is already upon us.
In addition, the report shed light on the second wave of recipients of Ripple’s Creator Fund. The Creator Fund is a $250 million initiative to provide creators with the resources they need to research and develop NFTs and other tokenization projects on the XRP Ledger. Ripple seems to have timed the next wave of adopters perfectly.
XRP Ledger is already home to Balmain Thread, an NFT project by the French fashion giant. The Balmain Thread is the company’s version of “The Club”, the membership, loyalty and rewards program from mintNFT. Members will have access to both physical and virtual events, awards, community voting rights and more as part of this community.
Will the NFT markets rebound soon?
The NFT hype in 2021 was unlike anything that came before. However, the hype finally died down in early 2022. Artwork that was worth hundreds of thousands of dollars was suddenly worth pennies. Popular internet personality Logan Paul took one of the biggest losses in the industry when his nearly $600K NFT dropped in value to $10.
However, the use cases of non-fungible substances are yet to be fully explored. Aside from protecting copyrights, the technology can have many everyday use cases. But as an investment, the space will likely take a while to recover from the downturn.
One report stated that NFTs would push the move into the metaverse, which is already making great strides. Once a virtual environment is settled, NFTs can make a big comeback. Moreover, the non-fungible space follows the general crypto bear market. Once the market is back on its feet, NFTs can only return to their previous highs.
