Ripple CTO Identifies Important Milestone Following XRP Ledger Seeing NFTs Live On Mainnet

Ripple CTO Identifies Important Milestone Following XRP Ledger Seeing NFTs Live On Mainnet

Ripple is making headlines following the latest achievement that the XRP Ledger has seen. Check out the latest reports about the NFTs, which just went live on the Mainnet. Check out the latest reports below.

Ripple CTO reveals important milestone

It’s just been revealed that the non-fungible tokens (NFTs) are now live on the XRP Ledger (XRPL). This is important, and it comes following a new amendment enabling extensions supporting a native NFT type on the ledger that was activated.

David Schwartz, Ripple’s chief technology officer, stated in a new blog post that RippleX engineers built the new feature using a no-smart-contracts approach to increase its cost-effectiveness and also resilience to hacks.

“XRP Ledger NFTs were also designed with efficiency in mind. Significant transaction expenses are a fundamental problem for developers minting NFTs on leading layer-1 blockchain solutions. Gas fees alone on some chains can add hundreds of dollars to the final price of an NFT and vary based on a given network’s user traffic and congestion.”

He also stated the following:

“With XLS-20, developers can support more NFTs at lower cost and do things like leverage auction functionality and an efficient storage mechanism, direct a cut of secondary sales to the original minter on the XRPL, or even co-own NFTs.”

Schwartz notes that a few NFTs have already been minted on the XRPL. The CTO also said that NFTs on the ledger are built with automatic royalties.

“For creators, NFT transfer fees provide them a share of the revenue when the NFT is bought and sold. They can also designate a third party who mints and sells the tokens on their behalf. With on-ledger NFTs, the XRP Ledger is an attractive destination for developers to build new NFT applications that support minting, burning and trading at scale.”

Stay tuned for more news.



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