Ripple NFTs are scheduled for launch on the XRP Ledger in two weeks
Ripple Non-fungible tokens (NFTs) will go live on the XRP Ledger in two weeks if 80% of the network’s validators vote for XRPL change v1.9.2 (XLS-20).
XLS-20 suggestion enables the creation of Ripple NFTs on the XRP Ledger without smart contracts. Embossing and auction facilities are incorporated into the standard.
Ripple NFT standard has been long overdue
The proposal also enables the creation of NFTs with minimal negative impact on XRP Ledger performance and network load.
Earlier in 2022, Ripple Labs unveiled an NFT Devnet to encourage developers to tinker with NFT features in the XLS-20d proposal. The beta included minting, burning, trading features and royalty structures for NFT creators. NFTs can be minted using the NFTTokenMint transaction and burned using the NFTTokenBurn transaction. Holders can receive an offer from an interested party through an NFTTokenCreateOffer transaction.
Ripple first announced NFT support for the XRP Ledger in May 2021 to reduce the gas paid to create NFTs on Ethereum.
Ripple recently unveiled the second batch of aspiring NFT artists to join its $250 million NFT Creator Fund. With the fund, the company provides independent artists with technical, financial and marketing expertise to help promote their art.
For the second wave, Ripple Labs focuses on music-based projects.
Ripple Labs announced the Creator Fund in September 2021, in partnership with the mintNFT and Mintable marketplaces. By March 2022, the company had brought over 4,000 NFT artists.
Ripple NFT collections prepare for launch
The xSTIK collection may be among the first NFTs to launch with the XRP Ledger in two weeks.
The company first captures the customer’s ideas and then forwards them to Stik for creation. The company then completes the minting process before the NFT is sent to the customer’s crypto wallet. Customers can choose from three levels of customization: Rare Tier Customized NFT (1600 XRP), Custom Tier NFT Package (7200 XRP) and Custom Head NFT (1500 XRP value of the $xSTIK token). An NFT owner from each of the different levels can secure between 1 and 20 points to be 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 who have at least two NFTs will be paid out in the xSTIK token.
Sologenic, a decentralized exchange and NFT marketplace built on top of the XRP Ledger is likely to attract attention if the XLS-20 proposal is adopted. Bullrun Bulls #2, New Generation B1 and Batch 4 Collections are popular NFT collections on the market.
Creators of collections such as XRPL Wild Stag Treehouse, Soon learnedand NFT Pawn Kingsalso flying NFTs before the launch.
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