The Founder of Ripple-backed development studio XRPL Labs Wietse Wind is announcing plans to add non-fungible tokens (NFTs) to the XRP Ledger.
In a new tweet, Wind calls the attention of XRPL developers to share their ideas on how to bring the increasingly popular unique digital assets to the XRP Ledger.
XRP Ledger Standard Proposal. Calling on all XPRL devs for thoughts.
XLS-14d: "Non Fungible Tokens on the XRP Ledger"https://t.co/pfQiJwtY8t
— WietseWind (?? Xaman @XRPLLabs) (@WietseWind) February 26, 2021
NFTs hold unique cryptographic properties and as such no two are alike. Therefore, the ownership and scarcity of digital items such as collectibles, artworks, and parcels of virtual lands can be verified.
Wind notes that the non-fungible attribute of an NFT makes it different from other crypto assets like XRP, which is divisible and replicable.
Wietse Wind also highlights that NFT transactions on the XRP ledger will work differently from those on other blockchains such as Ethereum. He says users can only receive specific tokens from another user if they opt in by signing a TrustSet transaction that lists the issuer’s account and the token code to trust.
Wind launches his proposal amid growing interest in the ballooning NFT space. Recently YouTube star Logan Paul, who released his own NFT artwork, sold more than $3.5 million worth of digital items in less than 24 hours.
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