New XRPL Amendments for NFTs Are Coming

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According to XRP Cafe, a leading Non-fungible token (NFT) marketplace on XRP Ledger (XRPL), new XRPL amendments with improvements to digital collectibles are underway.

These amendments are expected within the next 24 hours since the set requirements have already been met. In addition, the UNL vote has maintained the required 80% threshold for about two weeks.

XRP Cafe Shares Details of Amendments 

XRP Cafe also shared a screenshot from the XRP scan detailing the expected amendments to be activated. On the XRPL, NFTs are usually built into the core protocol and unlike issued currencies or native tokens, they do not need smart contracts before they can be created or transferred.

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The standardization of NFTs by the XLS-20 happened in October 2022 after which benefits like royalties and anti-spam measures were introduced. Anti-spam measures are designed to keep users away from undesirable tokens while they also remain compliant. 

XRPL Supports Automatic Royalties

Just like NFTs on the core protocol, Ripple’s Vice President of Strategy and Operations Emy Yoshikawa stated that automatic royalties are hard-coded at the on-chain protocol level, therefore creators are not left at the mercy of individual marketplaces. For context, once a secondary sale is completed, the smart contract automatically sends a percentage of the royalty to the marketplace.

After that, the marketplace pays the royalties to the NFT creator. Yoshikawa added that the XRP Ledger protects token issuers’ rights. 

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More Achievements on XRPL

It is worth noting that several progress and achievements have followed the introduction of NFTs to XRPL. In an XRPL Q2 report, Messari highlighted total NFT transactions as one of the few network activity metrics that showed significant growth every quarter. The report showed that average daily NFT transactions surged by 12.7% quarter-on-quarter (QoQ).

This moved the figure from 13,800 to 15,500. A number of NFT transaction types climbed QoQ too. NFTokenCreateOffer’s dominance increased by up to 50% of all NFT transactions. By the end of Q2, 1.6 million total NFTs had been minted with the XLS-20 standard.

Similarly, Ducati, an Italian motorbike manufacturer based in Bologna, Italy, has announced its first-ever NFT launch in collaboration with XRPL in order to establish itself in the Web3 space.

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