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XRP Validators Start Voting on NFT-Related Amendment

source-logo  u.today 30 August 2022 18:38, UTC

Emi Yoshikawa, Ripple's vice president of corporate strategy and operations, has announced that XRPL validators have started voting on the XLS-20 amendment, which would enable native non-fungible tokens (NFTs).

At least 80% of them have to vote in favor of the proposal over a two-week period in order to ensure its passage. At press time, seven validators (Brex.io, Bitso, and others) have voted against the proposal.

Last May, RippleX, the developer arm of the San Francisco-based blockchain company, invited developers to provide feedback. In January, it released the NFT-Devnet, making it possible for developers to play around with native NFT capabilities.  

As reported by U.Today, RippleX announced that it was confident that the XRL Ledger would be able to support the XLS-20 standard after conducting rigorous testing.  

The XRPL bills itself as a perfect fit for NFTs because of its high throughput, cheap fees, and extremely low energy consumption.

Last September, Ripple announced the launch of a $250 million fund that is specifically focused on sponsoring creators who choose to issue their NFTs on top of the XRP Ledger. Earlier this year, the fund onboarded a bunch of creators, including the producer behind Michael Jordan's visual autobiography.  

The XLS-20 standard has such in-built features as auctioning and minting, simplifying the process of creating NFTs.

Last month, Ripple formed a partnership with Web3 firm CrossTower in order to display XRPL-powered NFTs on its marketplace.      

The NFT sector is currently in the middle of a massive crisis, with OpenSea’s trading volume collapsing 99%.