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XRP Ledger's Game-Changing Update for NFTs: What's New

source-logo  u.today 29 November 2023 17:40, UTC

The XRP Ledger has enabled a new update for NFTs as the "fixNFTokenRemint amendment" is now active on the mainnet.

This is the second amendment to be activated in days; the fixReducedOffersV1 amendment was activated on the mainnet over the weekend.

The "fixNFTokenRemint" amendment adds a new field, FirstNFTSequence, to prevent reminting. This is done by altering the way NFT sequence numbers are generated to prevent the same NFT from being minted more than once with the same sequence number, potentially resulting in a collision scenario.

The update modifies the NFT sequence number construction to produce a new AccountRoot field, FirstNFTSequence, which remains constant across time. When the account issues its initial NFT, this variable is set to the current account sequence. Otherwise, nothing is set.

The change also adds a new account deletion restriction. An NFT might still be reminted under certain conditions if this restriction does not apply.

This is a break for applications and tools that rely on locally computed NFTokenIDs for minted tokens. To reflect the new formula, the code used to calculate NFTokenIDs must be updated.

In line with enacting NFT changes, a new spec "0051 XLS-51d: NFToken Escrows," which proposes a minor change to accommodate NFT escrows, was proposed earlier in November. This is since XRP Ledger currently only supports escrows for a single token: XRP.

XLS-20 standardized NFTs in October 2022, introducing benefits such as royalties and anti-spam features to enable users to avoid unwanted tokens while remaining compliant.

Since the release of XLS-20, Bithomp records show that 4,871,462 NFTs have been minted. A total of 4,507,596 NFTs are currently held by 31,468 accounts. A total of 1,477,441 NFTs were transferred or sold, with 363,866 being burned.