Ripple Non-fungible tokens (NFTs) will go live on the XRP Ledger in two weeks. But this will only happen if 80% of the network validators vote in favor of XRPL Amendment v1.9.2 (XLS-20).
The XLS-20 proposal enables the creation of Ripple NFTs on the XRP Ledger without smart contracts. Minting and auction facilities are incorporated into the standard.
Ripple NFT Standard: Long Time Coming
The new proposal allows NFTs to be created with a minimal negative impact on the XRP Ledger performance and network congestion.
Earlier in 2022, Ripple Labs unveiled an NFT-Devnet to encourage developers to tinker with NFT capabilities in the XLS-20d proposal. The beta version included minting, burning, trading functions, and royalty structures for NFT creators.
NFTs could be minted using the NFTTokenMint transaction and burned using the NFTTokenBurn transaction. Owners could receive an offer from an interested party through an NFTTokenCreateOffer transaction.
Ripple first announced NFT support for the XRP Ledger in May 2021 to reduce the gas paid to mint NFTs on Ethereum.
The company recently unveiled the second cohort of aspiring NFT artists to join the $250 million Ripple NFT Creator Fund. This initiative aims to provide independent artists with technical, financial, and marketing expertise to help promote their art.
For the second wave, Ripple Labs is focusing on music-based projects.
XRP NFT Collections Gearing Up
The xSTIK collection could be among the first Ripple NFTs that could launch with the XRP Ledger in two weeks.
The company first captures the customer’s ideas and then passes them on to Stik for creation. The company then completes the minting process before sending the NFT to the customer’s crypto wallet. Customers can choose from three customization tiers: Rare Tier Customized NFT (1,600 XRP), Custom Tier NFT Package (7,200 XRP), and Custom Head NFT (1,500 XRP worth of the $xSTIK token).
An NFT owner from each of the different tiers can secure between 1 and 20 points toward being added to the NFT Richlist. The TOP30 in the NFT Richlist will have their NFTs automatically staked to receive XRP rewards. Those from the TOP31 position onwards that hold at least two NFTs will be paid out in the xSTIK token.
Sologenic, a decentralized exchange and NFT marketplace built on top of the XRP Ledger, will likely attract attention should the XLS-20 proposal be passed. Bullrun Bulls #2, New Generation B1, and Batch 4 Collections are popular NFT collections in the marketplace.
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