With the NFT market continuing to boom with markets flooding, another player that could soon be seen rising in the field is Ripple. Months after first announcing the development of an NFT platform on the XRP Ledger, RippleX has finally released NFT-Devnet for users to test the NFT functions of the blockchain.
NFT exaggeration in full rotation
RippleX announced earlier that the NFT testnet is now available for “developers to learn and experiment with the native NFT capabilities introduced with the XLS-20d.”
I know how long you’ve been waiting for this so I’m happy to let everyone know that the XLS-20-based NFT-Devnet is now available to anyone who wants to start testing the extensions. Proposed native NFT for XRPL. Https://ttps: //t.co/x1woWF3eDY
– (@nbougalis) January 11, 2022
XLS-20d is a proposal introduced last May that aims to build extensions to the XRP Ledger so that it not only supports unique NFTs originating from the network, but also “lists, transfers, and holds such tokens”. NFT-Devnet was created as a beta environment for developers to test NFT functions on XRPL before XLS-20d was released on the mainnet, the statement noted. It added,
“Advanced features like automatic royalties, which allow for more complex royalty structures for creators and co-ownership, which expand access to content, are also included in the theme. export.”
RippleX further revealed that the release of NFT-Devnet will allow developers to first mint NFT on XRPL, and what a test network built exactly like the main DevNet will look like.
NFT-Devnet will also serve as a platform for XLS-20d to be released first, so that developers and server operators can test both the capabilities and requirements of the proposed changes. without affecting the performance of XRPL.”
NFT Cake
The NFT market has grown at an exponential rate over the past year, with sales estimated to have passed the $25 billion milestone by 2021. As a result, markets that host these tokens like OpenSea have skyrocketing in popularity and trading volume and networks like Ethereum and Solana from which they were created seem to have reached their full potential.
It’s no wonder that Ripple is trying to monetize a thriving industry through a number of proposed changes and developments. At the same time, it has also maintained a focus on making these NFTs cost-effective and environmentally friendly, something its Ethereum rival has been widely criticized for lacking.
RippleX has also been heavily involved in driving quality developers and creators to its platform in order to fulfill its vision of making XRPL the “blockchain of choice for NFT”. In early September, it brought the NFT into the spotlight while releasing the first wave of XRPL funding aimed at its growth. A total of 25 applicants from around the world received $2 million for the same.
Furthermore, Ripple also introduced a $250 million creator fund at the same time to engage NFT developers on Ledger and explore its use cases.