DUBAI, United Arab Emirates, Nov. 15, 2022 (GLOBE NEWSWIRE) — Sologenic, a sophisticated ecosystem using on-demand tokenization of a wide range of assets, has announced the use of XLS-20, the protocol design for NFTs on XRP Ledger (XRPL). This new standard introduces native support for NFT transactions on XRPL, allowing the Sologenic NFT marketplace to offer cost-effective coining along with a fast, secure trading experience.
As one of the first ecosystems to join this initiative, Sologenic has integrated this update to support the marketplace as it provides tremendous opportunities for NFT projects. Alongside the use of XLS-20, Sologenic offers a migration tool for NFTs that were minted prior to the release of the new XRPL add-on, which allows seamless switching of projects. These tools, and the market as a whole, remain decentralized and offer users secure, sustainable key mechanisms to avoid counterfeit NFTs, fraud and other issues.
“Since its inception in March 2022, the Sologenic marketplace has worked to revolutionize the asset trading industry by leveraging XRPL’s fast and secure network,” commented Sologenic co-founder Bob Ras. “As one of the first marketplaces on the XRPL, and with more than 130,000 NFTs listed on the platform, the Sologenic team remains committed to facilitating and stimulating the conversion of previously minted NFTs to the new standard,” adds Ras to.
The XLS-20 conversion incurs a simple process capable of keeping track of the origin of each NFT. However, to prevent counterfeiting, Sologenic has developed a tool that verifies the authenticity of NFTs converted from the previous standard (XLS-14/SOLO). Unlike complex smart contract architecture, these features are integrated seamlessly into the user interface, providing a faster and more intuitive experience compared to EVM-based NFT marketplaces.
The new change is set to bring native NFT capabilities to the XRP Ledger to facilitate the implementation of sustainable and scalable use cases. Using the XLS-20, the Sologenic marketplace now supports NFT trading offers, automatic royalties and smart contracts, among other features designed to empower creators. To start building NFT projects using the XLS-20 test environment, visit https://xrpl.org/nftoken-tester-tutorial.html.
About the Sologenic Development Foundation
The Sologenic Development Foundation is an independent community of developers actively working on various open source projects and use cases around the SOLO and CORE tokens. More information is available at www.sologenic.org
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/43491443-6a90-46a4-8f33-0b60a8baa19e
For media inquiries Andy Johnson Wachsman Email: [email protected]
