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New NFT Marketplace Built On Ripple XLS-20 Allows Users To Purchase, Mint, Sell, and Burn NFTs

source-logo  thecryptobasic.com 15 July 2022 11:05, UTC

On the ripple XLS-20 Devnet, users may now purchase, mint, sell, and burn non-fungible tokens.

NFTMaster had just made the announcement that they have successfully established their NFT marketplace on the Ripple XLS-20 Devnet. Users may now purchase, mint, sell, and burn non-fungible tokens (NFTs) on its official website.

buy, sell, mint and burn NFTs on ripple

Image Source: Twitter

To support Non-Fungible Tokens (NFTs) on XRP Ledger Ripple introduced a new amendment XLS-20 in Jan 2022. with the help of this update, developers can mint, transfer, and burn NFTs and also test the performance.

XRP Ledger is quickly turning into one of the most well-known platforms for the construction and development of NFTs. 

Automobile manufacturer, Lotus Cars, revealed their intentions to construct their very own NFT collection only a month ago and said that they will be basing their collection on XRPL as well. 

Additionally, just over the past weekend, the fast-expanding Web 3.0 business CrossTower made the announcement that it would offer XRPL on its NFT marketplace.

Ripple NFTs Gaining Popularity

Ripple has recently announced that a new standard, known as XLS-20, allowing the creation of sophisticated NFT objects on the XRP Ledger has undergone and passed successful testing. 

According to the firm, the upgrade will not only assist in the process of developing apps that serve several purposes, but it will also make it possible for users to carry out the process in a timely, cost-effective, and uncomplicated manner. 

In the past, Ripple established a fund with a total value of 250 million dollars in order to begin its NFT program and promote XRPL NFT developers.

Cardano, Solana, and Ethereum were, up until very recently, the most popular platforms for creating and minting non-fungible tokens (NFTs).

On the other hand, it would seem that firms are looking at the possibility of working along with Ripple and the XRP Ledger.

These latter parties are well aware of this fact, and as a result, they have put a significant amount of resources into developing their own infrastructure.