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The non-fungible token (NFT) sector has been making notable gains in recent months, attracting more networks to launch NFT offerings. One of the latest networks that have come into the NFT sector is XRP Ledger.
The general manager of RippleX, Monica Long, gave several reasons why XRP Ledger was a perfect fit for the NFT sector and why it was launching offerings into this sector.
XRP Ledger evolves into an NFT platform
Speaking at the Thinking Crypto podcast with Tony Edward, Long talked about the venture of XRP Ledger into the NFT sector. She stated that XRP Ledger was a blockchain network that had the technical capabilities of supporting NFTs.
Ripple’s XRPL has been making notable contributions to the crypto sector, including the issuance of different tokens. The platform was founded in 2012, and it is only now that it is looking to evolve into a top-tier NFT platform.
Long mentioned some of the features that make XRPL suited to support NFT functionality. While Ethereum functions through the ERC-721 and ERC-1155 standard, XRPL runs through an XLS-20 standard that will empower the platform with seamless functionality for NFTs.
The XLS-20 standard is currently in the referendum phase, and if it is approved by the community, it will soon go live on the devnet.
XRPL invests in a dedicated fund
XRPL has already made major efforts to boost its support for NFT developers. As such, RippleX has announced the launch of a dedicated fund that will support the development of NFTs on the network.
To boost NFT development on the network, RippleX has also announced that it will partner with the Mintable project, another major contributor for NFT development on the network.
Long has also provided insight into the latest statistics from Ripple’s On-Demand Liquidity (ODL) corridor, Ripple’s money corridor. ODL is a tool used by retail users and institutions to settle cross-border transactions. Long also noted that ODL has enjoyed a 130% quarter-over-quarter growth. In one year, the indicator has enjoyed a 2400% growth.
Mid this year, Ripple launched a new ODL corridor between Japan and the Philippines to support the conversion of the XRP token into the Philippine Peso.
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