XRP validators will be able to vote over the next two weeks on the proposal to implement native NFTs on the blockchain.
Emi Yoshikawa, vice president of corporate strategy and operations, Ripple, has announced that XRPL validators can now start the XLS-20 proposal, which will implement native non-fungible tokens (NFTs) on the blockchain.
For the Ripple network to natively implement NFTs, More than 80% of validator nodes must vote favorably to this amendment.
At the moment, only seven validator nodes have voted against the proposal to implement NFTs, including the Bitso node.
RippleX, the developer arm of the blockchain company, invited devs to offer their opinion on what functionalities should be implemented on the chain. In January, it launched NFT-Devnet, which allows developers to experiment with native NFT functionalities in XRP.
After conducting a series of rigorous tests, RippleX announced that they were confident that the XRL Ledger would be capable of supporting the XLS-20 standard and, therefore, the green light has been given to vote for the final implementation of this new functionality.
In this sense, Ripple's plans with NFTs come from afar. In September, the blockchain company announced the creation a 250 million dollar fund specifically focused on sponsoring creators who decide to issue their NFTs on the XRP blockchain.
In early 2022, Ripple’s NFT fund brought on board several prominent content creators, including the producer behind Michael Jordan’s autobiography. Meanwhile, last month, XRP partnered with CrossTowers to begin development of its NFT marketplace on XRPL.
What advantages can Ripple NFTs offer?
The XRPL developed by Ripple could open up a number of new opportunities for NFTs, as it would offer a number of great benefits. Among them, the High network performance, low rates and very low energy consumption.
The XLS-20 standard incorporates features such as auctioning or minting, which will simplify the NFT minting process.
How is the NFT market doing?
Although the current situation of the crypto market is not the best, in the case of NFTs the state of the market is much worse. The transaction volume of OpenSea has plummeted by 99% in just four months.
According to data from DappRadar, OpenSea’s daily ETH trading volume peaked at $400 million on May 1, while on August 28, it only generated $5 million in ETH volume.
On this point, OpenSea has noted that while the NFT market has fallen, DappRadar data is somewhat exaggerated, as they compare the day with the highest transaction volume in the platform's history with the worst.
