By Scott Galbraith
In April this year, Ripple Lab took a significant step toward demonstrating its keen interest in the booming NFT sector, which many believe has enormous long-term potential. Ripple raised $250 million from Venture Capitalists to this effect. The blockchain firm also disclosed that over 4,000 NFT creators are on board.
This NFT launch will also delve more deeply into the entertainment sector, including creating NFTs on Ripple without using smart contracts. Thus, easing up NFT creators’ user experience. It is worth noting that Ripple is the first blockchain to introduce value tokenization on a ledger and the concept of a decentralized exchange.
The network’s validators will vote concerning the XLS-20 proposal in two weeks. These network validators must have an 80% vote count in favor of the XLS-20 proposal for it to be passed. This process is an indication of the prominence of the Ripple community. The UNL is a list of validators proven to perform well and not enforce compliance based on emotions.
If the vote count supporting the proposal isn’t up to 80%, the proposal won’t be passed, or the community will employ a different approach to reach a consensus. The XLS-20 protocol helps NFT creators to create NFTs on Ripple’s ledger without using smart contracts.
The New XLS-20 Protocol
The new XLS-20 proposal also addresses issues raised by the Ripple Lab regarding high gas fees on other blockchains such as Ethereum. It works without a smart contract, reducing the complexity of smart contracts in terms of security and developer experience.
The proposal also Introduces Burning using the NFTTokenBurn, minting with NFTTokenMint, royalties, and trading to boost developer experience. More importantly, there will be less congestion on the XRP ledger network. NFT creation will have a little negative impact on the ledger. Thus, maintaining the ledger’s performance efficiency.
According to Ripple Labs, the second generation of NFTs will focus more on gaming, music, and sports. Creators have a platform through which they can explore the metaverse, music, and games thanks to the Ripple Ledger (XRPL).
Ira Lichi / Shutterstock.com