The Ripple team, in charge of the development of the XRP ledger, will soon 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 its NFT standard be included in an upcoming software release with hopes that the new NFT capabilities will continue to inspire groundbreaking projects,” the blog post read. Ripple has announced the addition of three new NFT marketplaces: GearIt, Ethernity Chain, and OnXRP. Additionally, it announced the opening of the first tranche of its $250 million Ripple Creator Fund.
Ripple is also envisioning a future in which NFTs transition from being merely 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) promotion 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 become a supporting partner of the Digital Euro Association, which is developing a CBDC for Europe. It has already cooperated with the governments of Bhutan and Palau and is in discussions with a number of more states. Although legal disputes with the Securities and Exchange Commission continue to weigh on the price of XRP, Ripple has been on a roll. Given previous developments, market investors anticipate an extraordinary price gain for XRP if the lawsuit is resolved in Ripple’s favor. XRP was trading at $0.8 on that day, up 2.39 percent.
