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.
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.
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.
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.
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.
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.