Saturday, April 10, 2021

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

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.

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

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.

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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.

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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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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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