The NFT market continues to boom in a flooded market, and another player that can be seen rising quickly within the ranks of this sector is Ripple. A few months after first announcing the development of the NFT platform with XRP Ledger, RippleX finally released NFT-Devnet for users to test blockchain NFT functionality.
Full-scale NFT hype
RippleX previously announced that the NFT testnet is now available for developers to “learn and experiment with the native NFT features introduced in the XLS-20d.”
Everyone knows how long people are waiting for this, so anyone who wants to start testing the native NFT extensions proposed for XRPL is now able to use the XLS-20-based NFT-Devnet. I’m excited to let you know. https: / /t.co/x1woWF3eDY
— ???? (@nbougalis) January 11, 2022
The XLS-20d not only supports network-native unique NFTs, but also builds an XRP ledger extension to “enumerate, transfer, and retain such tokens” in May last year. It was an introduced proposal. The statement states that NFT-Devnet was created as a beta environment for developers to test NFT functionality with XRPL before the XLS-20d was released on the mainnet. Added,
“Advanced features such as automatic royalties that enable creators’ more sophisticated loyalty structures and co-ownership that expands access to assets are also incorporated into the proposal.”
RippleX also revealed that with the release of NFT-Devnet, developers will be able to create NFTs for the first time with XRPL, and the test network will be built exactly like the primary DevNet.
NFT-Devnet also acts as the first platform for the XLS-20d to be released, allowing developers and server operators to test both the features and requirements of the proposed changes “without compromising XRPL performance.” I can do it.
Part of the NFT pie
The NFT market has grown exponentially last year, with 2021 sales estimated to exceed $ 25 billion. As a result, markets hosting these tokens, such as OpenSea, have skyrocketed in popularity, and Ethereum and the Solanas on which they are built appear to be taking full advantage of their capabilities.
It’s no wonder Ripple is trying to invest in a fast-growing industry through the many changes and developments proposed. At the same time, the focus is on making these NFTs cost-effective and environmentally friendly. This has been widely criticized for the lack of rival Ethereum.
RippleX has also been deeply involved in bringing quality developers and creators into the platform to realize its vision of making XRPL a “blockchain of choice for NFTs”. At the beginning of September, we focused on NFTs when issuing the first wave of XRPL grants for development purposes. A total of 25 applicants from around the world received $ 2 million for the same.
In addition, Ripple introduced $ 250 million worth of creators’ funds at about the same time to attract ledger NFT developers and investigate their use cases.