NFT-Devnet. New in Ripple (XRP)

NFT-Devnet. New in Ripple (XRP)
The main purpose of the changes being made is to provide developers with an easy way to start testing NFT extensions to the XRP Ledger (XRPL).

NFT-Devnet Ripple for developers

According to an official Ripple blog post, prominent cryptographer and RippleX software engineer Nik Bougalis has revealed that developers can now start creating applications on the Ripple blockchain. 

The goal is to introduce XRP Ledger extensions that will support NFT tokens, along with rules and policies that address enumerating, buying, selling and storing such tokens.

Bougalis also noted that developers can access all the important functions associated with non-convertible tokens (NFTs), such as minting, trading and burning. In addition, NFT-Devnet supports advanced features, including automatic royalty payments. The platform also includes co-ownership. Automatic royalties enable creators to have more sophisticated royalty structures.

NFT-Devnet is still in beta, allowing developers to test XRP Ledger functionality before the mainnet release. Initially, XLS-20d will be launched on the NFT test network to allow developers to evaluate NFT capabilities and server operators to examine the performance and results of proposed modifications without sacrificing XRP Ledger performance.

Stating that the latest launch marks the beginning of RippleX’s proposal for NFT capabilities, Bougalis added:

“We are excited to launch our NFT capability proposal in NFT-Devnet, a test network with feature functionality that will look exactly like the main Devnet.”

2021 was a wild year for NFT. According to the latest statistics from DappRadar, trade in such tokens reached $25 billion last year, compared to $94.9 million in 2020.

NFT sales in Q4 2021 alone rose to $11.6 billion. OpenSea has emerged as a star with soaring transaction volumes. The industry’s great growth can be attributed to the entry of celebrities, brands, iconic auction houses, the emergence of GameFi, the involvement of venture capitalists, and the hype surrounding the Metaverse.

Beyond the initial hype, Modesta Masoit, director of finance and research at DappRadar, believes that the companies involved in NFT have focused on usability and have integrated with other emerging decentralised finance (DeFi) and gaming territories.

18/01/2022 – Mr.Advice NEWS

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