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Ripple Proposes Standard to Enhance NFT Support on XRPL

Ripple-plans-to-add-NFT-s-on-their-platform
  • Ripple has proposed a plan to NFT support on XRP Ledger.
  • It wants to build a more sustainable, scalable and accessible future for NFTs.
  • The team at XRP Ledger is ideally suited to deliver a superior user experience.

Recently, the mainstream media, superstars, and other professionals started embracing NFT. Therefore, NTF saw value growth.

However, users are finding it difficult to buy digital collections due to high fees in the last few weeks.

According to Ripple, it aims to solve these problems and has proposed a standard that would give enhanced NFT support on its XRP Ledger. Ripple said this integration has potential to improve NFT users’ and collectors’ experience while growing the tokenization of assets.

XRPL is known for its fast transactions, ability, and low cost. Therefore, users will have a seamless experience while sending and storing NFTs on the platform.

Moreover, the XRP Ledger team said the platform is ideal for minting NFTs. The team went on to add:

“We believe the XRP Ledger is ideally suited to deliver a superior user experience for NFTs and tokenization more broadly. When combined with a robust suite of tools and resources, the innate performance advantages of the XRPL and its native digital asset XRP will enable developers a seamless experience for NFTs.”

Also, the team added that, thankfully, the XRP Ledger is a more cost-efficient, scalable blockchain. “Its coming federated sidechains aim to prevent the potential risk of clogging the network as NFT transactions take off,” says the XRP team.

To continue, the firm said it also offers another great benefit over other platforms. It is going all-in on NFTs: sustainability.

The firm noted that the current methods for minting NFTs are highly inefficient in nature terms. This is due to the carbon footprint of many cryptos. Further, they said because the XRPL uses a novel consensus process for validating transactions. Also, it uses negligible amounts of energy. And it is 120,000x more effective than proof-of-work networks.

Last week the US Securities and Exchange Commission (SEC) offered a motion against XRP Ledger parent company Ripple. Of note, the SEC filed the document to reject the “lack of due process and fair notice” reason for the XRP token as a security.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.