Ripple’s XRP Ledger Now Close To Having Native NFT FunctionalityMay 24, 2022 6:52 pm
Ripple just announced on its blog today that it has upgraded its servers to the version 1.9.1 of the XRP Ledger protocol which will bring a massive update to the blockchain.
Validators on the Ripple network essentially vote in favor of the XLS-20 standard and it is this new standard that would bring NFT functionality to Ripple.
Of course, there is a lot of work behind the scenes to ensure that the votes are valid before the network decides to move forward which has been very likely.
The team has already done extensive testing to ensure that the NFT functionality is operating as expected and the release of the code will finally allow for the minting, burning, and transfer of NFTs on the XRP ledger.
.@RippleXDev is upgrading @Ripple servers and configuring its validators to vote in favor of enabling XLS-20, which will bring native NFT functionality to the XRPL if passed.
Validators are encouraged to do their own due diligence before voting on any proposed amendment. https://t.co/UOJ7O9OOri
— 𝙳𝚊𝚟𝚒𝚍 𝚂𝚌𝚑𝚠𝚊𝚛𝚝𝚣 (@JoelKatz) May 23, 2022
With the introduction of NFTs, more types of data would have to be tracked and maintained on the XRP Ledger.
Last September, Ripple launched its $250 million NFT creator fund that was launched to help creators build new projects on the XRP Ledger and bring them to market.
RippleX is already operating an NFT-Devnet that allows developers to toy around with the XLS-20 standard.
In late April, Ripple announced that its fund had onboarded a slew of new creators, including the producer of Michael Jordan’s visual autobiography.
As the crypto market is currently in a bearish market with many investors calling it another “crypto winter”, many are also taking the chance to accumulate more assets at low prices.
Companies like Ripple have also stated before that bear markets are actually good times for the network to make major upgrades such as this NFT upgrade.
That way, when the market does rebound, the value of the network will finally be realized as the majority of investors finally catch on.
Ripple’s continued growth is indicated by the company’s recent $15 billion valuation earlier this year which was achieved despite regulatory setbacks.
Ripple developers are conducting extensive tests to ensure that the NFT functionality doesn’t increase transaction load.
For developers to experiment with XLS-20 and NFT capabilities, Ripple is operating an NFT-Devnet.
Earlier this year in March 2022, … https://t.co/NlEbZVd6MW
— Crypto-News (@criptikos) May 24, 2022
Ripple’s DEV blog mentioned that they run extensive testing to ensure that NFT code is stable, scalable and efficient to deliver the expected volume on the ledger.
The results came out to be fruitful for the team as they believe that XRPL can support the extra transaction load.
However, the outcome of the testing will be out in the upcoming weeks. This will be done in a bid for a better understanding of performance features and resources needed by server operators.
The Validators are asked to do their own research on the matter before accepting it.
On the market side, Ripple’s native token XRP is still trading under heavy pressure. XRP token’s price has declined by over 42% in the past 30 days.
It is trading at an average price of $0.4126, at the press time. Meanwhile, since the NFT announcement XRP token’s 24 hour trading volume has jumped by around 50% to stand at $1.4 Billion.
This upgrade comes in addition to the list of upgrades released on Ripple’s new website that was launched last month.
Ripple is ready for #XLS20 !!
— xShrooms 🍄 (@xShroomsNFT) May 23, 2022
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