Ripple Announces New XLS-20 Token To Drive NFT Creations On XRP LedgerApril 6, 2022 7:00 pm
Ripple has finally announced the development of the new XLS-20 token after the proposal was first introduced last year which has spurred a lot of interest within the NFT community.
This is because the reason for this new token is that it allows developers to build a wide variety of NFT applications on the XRP ledger by providing them with the tools and infrastructure that they need.
XLS-20 is a newer standard when compared to XLS-20d which is the current standard that the XRP ledger already utilizes for its NFT functionalities.
With this more advanced and complex NFT platform, it is expected that more advanced use cases will emerge rather than just digital art and collectibles which is what NFTs are mostly known for currently.
— XRPcryptowolf (@XRPcryptowolf) April 5, 2022
Though the initial application build on XRPL mostly revolved around use cases e.g. avatars, art and collectibles, with the passing of time more and more real-world applications have started to emerge.
While XRPL currently offers NFT-Devnet, a pilot creator platform, it plans to come up with a more advanced and innovative NFT platform to facilitate development of more complex NFT applications.
In a recent statement Ripple noted that as the technology improves more real-world applications aimed at serving the community will start to emerge.
Ripple stated, the sectors that will have the most impact are Media & Entertainment, real estate, and carbon credits.
Ripple also disclosed that it plans to offer further tokenization possibilities as the people continue to build on NFT-Devnet.
The adoption of this new standard of token for the XRPL network will likely continue to entice increased development activity and organic community growth.
In addition to that, the $250 million creator fund that Ripple had created before has also recently been showing positive results.
So far, there have been over 4000 different applications to the fund by creators that work in various different industries such as music, entertainment, and art.
With both financial incentive for the creator community and a robust technical infrastructure provided by the new XLS-20 token that is being developed, the outlook for Ripple remains positive despite regulatory setbacks.
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In a recent release, Ripple stated that as the technology and its use cases improve, it will be these real-world applications that will continue to enrich NFT experiences and provide value to the community.
Media & Entertainment, Carbon Credits and Real Estate are among the primary utility-based use cases that it believes will have the most immediate impact.
Ripple said it plans to uncover further tokenization possibilities on XRPL as projects are developed, previewed and tested on NFT-Devnet.
The RippleX team might propose that its NFT standard be incorporated in a future software release, in the hopes that the new NFT capability would stimulate revolutionary projects and applications by the XRPL community.
NFT industry growth is also projected to continue to grow into a massive industry so Ripple positioning itself correctly in this space will allow it to take advantage of all the benefits that the industry has to offer.
— RippleX (@RippleXDev) April 3, 2022
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