Lighter, simpler, more possibilities – Halloween will have marked the beginning of the adventure NFT on the XRP Ledger of Ripplewith the deployment of XLS-20 standard on the network.
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XRP Ledger and XLS-20: the distinctive advantages of NFTs over Ripple
On October 31, the CTO (technical director) of Ripple, David Schwarzhas announcement the activation of the XLS-20 standard on the mainnet of the XRP Ledger. In a video posted on July 6 this year, RippleX CEO, Monica Longprovided an explanation of this new feature.
The XLS-20 allows you to send NFT on the XRP Ledger, while preventing this operation from having a negative impact on network performance. It therefore makes it possible to mint NFTs, without exposing the XRP Ledger to congestion risks.
This standard also allows developers to create NFTs, without that they don’t have to manage the security risks and the additional complexities relating to smart contracts. Indeed, the XLS-20 does not need to execute smart contracts to perform different tasks.
In an October 31 post, David Schwartz pointed out that the XLS-20 also allows developers to allocate a portion of secondary sales to the person who originally minted the NFT. Several people can also be co-owners of an NFT minted on the XRP Ledger.
Finally, the XLS-20 standard makes it possible to automatically pay Royalties to the creators of NFT, without have to go through different third-party platformsthanks to the decentralized exchanges integrated into the XRP Ledger.
Ripple had put a quarter of a billion dollars on the table, last year, to ride the NFT hype. The posting of the XLS-20 is theculmination of Ripple’s efforts to dive into this sector. More broadly, the deployment of this standard contributes to themass adoption non-fungible tokens.
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