Updated on January 9, 2023 12:51 PM
The XRP Ledger ecosystem has created a new standard that enables the creation, minting, and distribution of sophisticated NFT applications and goods.
David Schwartz, CTO of Ripple, shared his thoughts on the topic.
Although XRPL already has asset tokenization capabilities, according to Schwartz, the invention represents a significant step forward in the ability of creators and developers to build sophisticated Web3 projects with usefulness.
A Ripple executive thanked everyone for helping to make the innovation a reality and noted that the native NFT on the XRP Ledger, made possible by the XLS-20 modification, will open the door for the creation of unique assets with effective and secure operations to manage them.
Even though it took longer than expected, the new XLS-20 standard was ultimately implemented on the XRP Ledger. Fortunately, the incident took place just as Ripple's third round of grantmaking began.
According to U.Today, the cryptocurrency company, which uses XRPL and XRP in its operations, has established a $250 million fund to aid in the development of NFTs on the XRP Ledger.
Stasis Euro (EURS), a stablecoin linked to the euro, has been incorporated into Ripple's XRP Ledger in a separate development.
Stasis stated that the "substantial benefits" of XRPL, including its "improved scalability, greater speed, and decreased cost," led to its choice to integrate it. A stablecoin based on Ethereum called EURS is tied to the Euro.
Gregory Klumov, CEO of Statis, predicted that the action will increase the uptake of EURS. He stated:
“It will solidify our asset for the next cycle of stablecoin market adoption. Our ongoing partnership will focus on exploring the newly-emerged opportunities of XRP to enable better financial inclusion as well as stablecoin infrastructure and services”
Ripple wants to attract NFT developers whose work centres on the integration of digital and physical items as part of its next round of hiring.
Such initiatives will receive between $25,000 and $250,000 in funding. Therefore, individuals who wish to try their luck can start developing NFTs on XRPL right away leveraging the current innovation with the launch of XLS-20.
All these recent developments are yet to show some positive effects on XRP price.