The XRP ecosystem has been continuously expanding, and this is reflected in the adaptation of XRP-centric products by the community. Last month, a proposal was submitted to the XRPL (Ripple Protocol Team) GitHub repository by David Schwartz, CTO of Ripple, requesting the insertion of a new method of payment for XRPL-based products: Non-Fungible tokens.
At the beginning of the year, the Stellar Development Foundation unveiled its intentions for 2019: support for non-fungible tokens, or NFTs. It’s a major goal for the non-profit and for Stellar, which is partly funded by Stellar.org. Now, the foundation has announced its plan to make it happen. Stellar.org has submitted a proposal via GitHub for the addition of NFT support to the organization’s interledger protocol, commonly known as the ILP.
The NEM.io Foundation has officially submitted a proposal to the XRP Ledger GitHub page for the addition of non-fungible token (NFT) support to the XRP Ledger. This was first announced by NEM.io CTO, JeffMcDonald, who tweeted a screenshot of the proposal page.David Schwartz, Chief Technology Officer (CTO) of San Francisco-based blockchain company Ripple, which specializes in cross-border money transfer, wants to bring Non-Fungible Token (NFT) support to the XRP Ledger (XRPL) and has also submitted a proposal to that effect.
Introducing a general ledger structure and two objects in XRPL
The proposal submitted by Ripple’s CTO was actually approved by two others, including Nikolaos Bugalis and Aanchal Malhotra, as well as David Schwartz. The purpose of this proposal is to implement a ledger structure and two objects in the XRP ledger. Of the two new objects, one is the NFT token, which points to a single non-gameable token and stores all associated data. On the other hand, the second new facility is known as the NFT token offering, which is designed to offer non-gaming token buying or selling services. The second thing included in the proposal is a new ledger structure that aims to add an NFT token page where a number of non-fungible token objects will be present. According to the Ripple team, XRPL is easily scalable compared to Ethereum and is also cost-effective. According to the team: Using the XRP ledger offers developers a unique opportunity to run more sustainable applications and NFT markets, while removing a significant burden on the planet. XRPL’s sustainable approach also translates into cost-effective NFT projects that are more profitable for makers and more affordable for ordinary consumers. The custom token feature is already present in Ripple’s ledger, and the addition of non-volatile token support will now help the company’s XRP ledger as well.
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