Ripple announces improved NFT functionalities
Ripple recently shared details of its new release, which is set to support advanced NFT functionalities, here’s more on this development
Ripple recently shared details of its new release, which is set to support advanced NFT functionalities, here’s more on this development
Ripple XRP Ledger 1.9.0
Ripple recently announced the debut of its XRP Ledger version 1.9.0, and this new release is relevant for a plethora of reasons we’ll go into throughout this piece. For starters, the latest update introduces an amendment to the XRP Ledger protocol to allow the support of NFTs natively on the XRP ledger.
Being able to support NFTs natively is a massive step forward for Ripple, and this means that the company will be less dependent on third-party players to support NFTs, putting a larger chunk of its destiny in the company’s hands.
Following the XRP Ledger’s amendment process, the amendment is now open for voting, and the public was able to learn about this through release notes shared by the company. If more than 80% of trusted validators vote in support of a change over two weeks, it will be passed according to set community guidelines.
Talking about ledgers might not be a topic that’s attractive and intuitive to a large chunk of people, but over the next few sentences, we’ll look into what this means for the company and its users. What can you expect from this ledger with improved and expanded NFT functionalities as a current or intending Ripple user?
Ripple: A future NFT powerhouse?
If the proposed protocols successfully pass, it’ll aid developers in creating new applications that allow users to mint, transfer, and burn NFTs on the XRP ledger. If these advanced functionalities are achieved, it may suddenly take Ripple from being a fringe player in the NFT ecosystem to being an NFT juggernaut with diversified interests.
David Schwartz, the CTO of Ripple, shared the following about the company’s latest release, “Ripple validators will (for now) veto bringing XLS-20 to mainnet until we feel confident in NFTs impact on XRPL. In the meantime, we’re conducting performance testing and plan to share our results with the broader community.”
Ripple isn’t all about new releases, the company is obsessed with efficiency and performance improvements, and Schwartz spoke on how the community may benefit from the performance improvements afforded by this product. “As such, today’s release includes a number of performance improvements, and the ultimate outcome of XLS-20 will be up to the collective XRPL community.”
Ripple is evolving
There’s no denying that Ripple has been a seasoned participant in the XRPL community, Ripple has developed itself to become a responsible participant in the community, and it’s always heartwarming to witness moves made by this company to improve experiences for everyone.
The future looks exciting for Ripple, and when we consider where this company is coming from, how much effort they’ve invested into its product, and how the journey has been, it’s hard not to root for Ripple. It’ll be exciting to see how the new and improved ledger will impact Ripple’s business over the next few months.
