Ripple is preparing to enhance the XRP ledger’s Non-Fungible Token (NFT) capabilities. The RippleX team, which is in charge of the XRP ledger’s development, is about to propose a new NFT standard for its NFT-Devnet.
The idea, according to the Ripple team, will be implemented in a future software update. The NFT-Devnet, which was announced in January, is the company’s beta environment for developing NFTs. It enables developers and producers to iterate on their NFT creations before to their mainnet release.
Ripple expects that the update will provide developers and the XRP community with the tools necessary to foster innovation.
“The RippleX team will propose that their NFT standard be incorporated in a future software release in the hope that the new NFT capabilities will inspire other ground-breaking applications,” the blog post said.
It continues by expressing hope that new tokenization possibilities may ultimately be discovered as a result of the enhanced tools.
Ripple is also envisioning a future in which NFTs transition from being just collectors to having real-world usefulness. Several sectors are being investigated for NFT deployment, including media and entertainment, carbon credits, and real estate.
Meanwhile, Ripple’s current non-financial transaction (NFT) marketing activities for the XRP ledger are gaining significant pace. The business has invited additional partners interested in using XRP’s near-field communication (NFT) capabilities.
Ripple has announced the addition of three additional NFT marketplaces: Geer It, Ethernity Chain, and onXRP. Additionally, it announced the opening of the first tranche of its $250 million Ripple Creator Fund.
Ripple estimates that it has received close to 4,000 applications since the fund’s inception in September 2021. Additionally, proposals have been made for NFT projects spanning “gaming/metaverse, music/entertainment, art/collectibles, and beyond.”
Ripple’s other ventures
Ripple is not simply dabbling with NFTs. Additionally, the business is forming partnerships internationally to enhance acceptance of its cross-border payments and CBDC solutions.
Ripple recently become a supporting partner of the Digital Euro Association (DEA) in order to work on a CBDC for Europe. It has already cooperated with the governments of Bhutan and Palau and is now in discussions with many more.
However, the price of XRP is being held back by Ripple’s legal fight with the SEC, despite the fact that Ripple has been on a roll. With recent occurrences, market investors anticipate an exponential price gain for XRP if the lawsuit is resolved in Ripple’s favour. XRP is now trading at approximately $0.8, up 2.39 percent on the day.