Ripple, a popular fintech company and a major player in the $ XRP market, has created a new XLS-20 on top of its XRP ledger that “helps developers build more sophisticated and innovative NFT applications.” Announced that it has developed a standard.
According to the company, the new XLS-20 standard will enhance the XLS-20d standard with built-in native token functionality, equipping XRP Ledger with the tools needed to create multipurpose applications.
The new standard launches a $ 250 million fund aimed at Ripple to “create and monetize an innovative non-fungible token (NFT) experience accessible in the XRP Ledger (XRPL).” It will start a few months after.
Ripple’s Creator Fund is reported to have already received 4,000 applications for projects centered around NFT-related use cases such as games, metaverse spaces, digital art and collectibles.
Notable, XRPL currently offers an NFT-Devnet environment. The company aims to provide more tokenization possibilities for people built on devnet and to further support the development of XRP ledgers.
As reported by CryptoGlobe, Ripple has committed 1 billion XRP to “accelerate XRP ledger development and new use cases” by creating a new fund that is an extension of the XRPL Grants program launched last year. bottom.
Ripple is set up to provide “financial, technical, and business support for implementing some new developer programs as part of the fund.” One billion tokens are set to be paid to developers “over the next 10 to 20 years” so that they can build and scale their applications for businesses built on XRP Ledger.
It is worth noting that Ripple is a for-profit company that helps promote and develop the XRP cryptocurrency and the software behind it, the XRP ledger. The company leverages XRP tokens through the RippleNet offering aimed at providing banks with low-cost, simple cross-border transactions. RippleNet’s network includes American Express, Bank of America, Santander and more.
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