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Wietse Wind Announces Plan to Launch Non-Fungible Tokens (NFTs) on XRP Ledger

Solomon Odunayo March 1, 2021 2 min read
International Federation of Accountants Suggests Ripple Is Being Considered for Trade Finance by Larger Organizations

Wietse Wind, the creator of the development studio backed by Ripple, XRPL Labs, has announced the plan to incorporate non-fungible tokens (NFTs) into the XRP Ledger.


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In a tweet posted on 26th February 2021, Wind called on developers alike for ideas that would bring about the emergence of NFTs on the XRP Ledger.

Read Also: Japanese Financial Behemoth SBI Group Launches XRP Lending

Wietse Wind tweeted, “XRP Ledger Standard Proposal. Calling on all XPRL devs for thoughts. XLS-14d: “Non Fungible Tokens on the XRP Ledger”

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 – 🛠 XUMM @ XRPL Labs (@WietseWind) February 26, 2021

About Non-Fungible Token (NFT) According to Wietse Wind

According to Wietse Wind, a non-fungible token (NFT) is a unique cryptographic token that cannot be mutually interchanged. Unlike the digital token XRP that can be sent and received without being uniquely identified.

Read Also: David Schwartz Says It Became Impossible for Ripple to Give Away Its Huge XRP Holdings

As normal cryptocurrencies such as XRP can be divided, such as when a user received 1 XRP and send 0.5 XRP, NFTs are indivisible. They can only be used as one whole.

In terms of application, Wind stated that Non-fungible tokens are used to create verifiable digital scarcity, digital ownership, and the possibility of asset interoperability across multiple platforms.

They are also used in some applications that require unique digital items, for instance, online gaming, digital collectibles, and crypto art.

He explained further that XRP Ledger supports issuing tokens that can be issued, sent, and transacted to other XRP Ledger accounts. He said the major difference between NFTs and most blockchain projects is that the XRP Ledger requires users to opt in to receive a particular token from a particular issuer.

Read Also: Santiment: XRP Is Set To Surpass Ethereum in a Key Metric Maintained By ETH for Seven Months

This proposal was published by Wind at a time when there is a growing interest in the NFT ecosystem. Over the past couple of days, NFT artworks owned by individuals have been sold legitimately.


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