XRP Ledger (XRPL) Eyes Next Amendment To Boost NFTs

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XRP Ledger (XRPL) Eyes Next Amendment To Boost NFTs – Crypto News

Published

1 year ago

February 2, 2025

Dripp

The Ripple Labs-backed Layer-1 protocol XRP Ledger (XRPL) is undergoing intense changes. As unveiled by its leading explorer, the chain said the next amendment, NFTokenMintOffer, has entered its 14-day activation window. This push marks the second major update on the XRPL in the past 7 days.

The XRP Ledger and the NFT Revamp

According to XRPScan, the NFTokenMintOffer entered the activation window after hitting an 82.86% consensus among validators. Billd to go live as Amendment v2.3.0, the NFTokenMintOffer secured 28 out of 35 possible votes to pass.

While the XRP Ledger already boasts non-fungible tokens, the NFTokenMintOffer amendment will facilitate a smoother flow. Part of the features it will enable is the combination of mining and offer creation in one step, enhancing usability.

When users mint NFTs, a sell offer can be set for the asset to take advantage of market trends. While placing a sell offer for the digital collectibles, users must provide the amount, destination Expiration, and the date the selloff offer becomes invalid.

As XRP Ledger innovators pointed out, this NFTokenMintOffer amendment will introduce

The XRPL and Innovative Amendments

It is worth noting that the XRP Ledger has a robust developer ecosystem, with new releases regularly making their way to the platform.

As reported earlier, the XRPL AMMClawback amendment completed its activation phase earlier this week. The amendment seeks to ease the AMM pool so disputed funds may be recalled for compliance reasons.

Besides these two amendments, the XRPL has some new proposals that have yet to enter the activation phase. Two of these include NonFungibleTokensV1 and OwnerPaysFee.

While the OwnerPaysFee is developing, the former introduces five new transaction types. These include NFTokenAcceptOffer, NFTokenBurn, NFTokenCancelOffer, NFTokenCreateOffer and NFTokenMint. Beyond this, it will also add two new ledger object types, including NFTokenOffer Object and NFTokenPage Object.

Overall, the XRP Ledger has powered many innovations, placing it in the spotlight lately.

Ripple Labs Is Shining With Tokenization Move

Amid the advances on the XRP Ledger, Ripple Labs is pushing the boundaries of its services with Real-World Assets (RWA) tokenization. Earlier in the week, Ondo Finance joined hands with Ripple Labs to bring tokenized US Treasury fund OUSG to XRP Ledger. The goal of this offering is to expand institutional reach.

This product underscores one of the unique ways the payments firm is enhancing the XRPL. It also recently launched the RLUSD stablecoin on the L1 protocol, banking on the amendments and upgrades recorded thus far.