David Schwartz, the CTO at Ripple, has submitted a proposal via Github, which provides a path towards adding support for non-fungible tokens (NFT) to the XRP Ledger.
In the proposal, Schwartz pointed out that XRP Ledger offers support for tokens that are primarily fungible. Assets that can easily be traded between users for XRP or other issued assets on the XRP Ledger’s decentralized exchange (DEX), making them ideal for payments.
According to Ripple CTO, the proposal introduces extensions to the XRP Ledger, which would be a native non-fungible token type, along with operations to enumerate, purchase, sell and hold such tokens.
The proposal co-authored by Aanchal Malhotra and Nikolaos Bougalis reads in part as follows:
“While other proposals (some of which are extremely interesting) have been made, the authors believe that this proposal represents a strong commitment to supporting NFTs on the XRP Ledger, and adds a rich set of flexible primitives that can be used by token issuers.”
The proposal added that the non-fungible tokens proposed are indivisible, unique, and not used for payments.
The initiative will require:
- An amendment to the XRP Ledger protocol, which increases complexity and adds more types
of data that must be tracked and maintained as part of the ledger indefinitely.
- New transaction and data types require new implementation code from client libraries and wallets
to read, display, and transact with NFTs.
Ripple Is Adding NFT Support to XRP Ledger for A Number Of Tangible Reasons
On 24th May, Ripple, the cross-border payment firm, announced its plan aimed at minimizing the cost of minting NFTs by integrating an NFT marketplace on the XRP Ledger.
This is expected to give both buyers and sellers a more cost-effective and better user experience when operating in the sphere of NFT.
The statement reads as follows:
“Because the XRPL uses a novel consensus process for validating transactions, it consumes negligible amounts of energy and is 120,000x more efficient than proof-of-work networks. Building on the XRP Ledger provides developers a unique opportunity to run more sustainable NFT apps and marketplaces while eliminating a heavy burden for the planet.”