The founder of Ripple-backed development studio XRPL Labs, Wietse Wind reveals plans to add non fungible tokens to the XRPL.
In a new tweet, Wind called the attention of XRPL devs to share their ideas on how to brings unique digital assets to the XRPL.
Check out the tweet that Wind shared on social media:
XRP Ledger Standard Proposal. Calling on all XPRL devs for thoughts.
XLS-14d: “Non Fungible Tokens on the XRP Ledger”https://t.co/pfQiJwtY8t
— WietseWind { independent-developer-1 } (@WietseWind) February 26, 2021
It’s important to note the fact that NTFs are holding unique cryptographic properties. There are no such two alike, and the ownership and scarcity of digital items such as collectibles, artworks and parcels of virtual lands can be verified.
Non-fungible attribute of an NTF makes is different from XRP
According to the reports coming from the online publication the Daily Hodl, Wind notes that the non-fungible attribute of an NFT makes it different from other crypto assets like XRP, which is divisible and replicable.
“A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to eg. the native asset on the XRPL, XRP, where XRP can be sent and received without being uniquely (per token) identified,” Wind noted.
He continued and said on GitHub that “Where normal tokens and the native asset XRP can be divided (eg. receive 1 XRP, send 0.5 XRP), NFT’s can only be used as one whole, unique token: they are indivisible.”
Wietse Wind also highlighted that NFT transactions on the XRP ledger would work differently from those on other blockchains such as Ethereum.
According to him, users can only receive specific tokens from another user if they opt-in by signing a TrustSet transaction that is listing the issuer’s account and the token code to trust.
Stay tuned for more news.
