Ripple’s chief technology officer, David Schwartz, has announced that the XLS-20 amendment has been activated on the XRP Ledger mainnet.
The amendment has enabled the creation of native non-fungible tokens (NFTs) on top of the ledger. According to Schwartz, the standard’s release is a “key milestone” for developers and creators.
The XLS-20 standard ensures that NFTs are created efficiently, ensuring that XRPL’s performance capabilities are not compromised. A bug hampered the implementation of the amendment. Developer Wietse Wind was among those who backed out of the project. NFTs are blockchain-based tokens that are used to validate ownership.
They became increasingly popular in 2021, with many corporate brands and celebrities jumping on board. NFT applications go far beyond digital art and may even include home ownership. The San Francisco-based blockchain company launched a $250 million creator for NFT projects last September.
Ripple announced the second round of NFT creators eligible for funding last month, which included Japanese NFT marketplace Anifie, metaverse platform 9LEVEL9, and other projects. A group of Ripple and XRP Ledger Foundation representatives chose the projects. Some members of the community also took part in the process.
Additionally, Ripple asserts that its ledger is energy-efficient, which is why developing XRPL-powered NFTs is encouraging for the industry’s green reputation.
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