Ripple‘s Chief Technology Officer, David Schwartz, made the announcement in a tweet today that the XLS-20 modification is now active on the mainnet as a result of the collaborative work of the XRPL community and Ripple engineers. He continued by saying that the minting of certain native NFTs had already begun.
He went on to clarify that tokenization is not anything brand new to the XRPL, but that this provides a critical milestone for developers and artists to tokenize any asset and create novel Web3 products with usefulness.
The new standard includes the implementation of native NFTs on the XRP Ledger to represent specific assets, as well as the provision of operations that are both efficient and safe for enumerating, transferring, and holding such tokens.
As explained by Ripple General Manager Monica Long:
“The XRP Ledger was the first to enable the tokenization of any form of value on a blockchain. It also introduced to the world the concept of a decentralized exchange.”
According to Ripple, the XRPL presents those who are developing NFT projects with a number of significant benefits, one of which being the availability of extremely cheap transaction fees on a high throughput blockchain that is also carbon-neutral.
A significant value proposition for developers of NFT applications who may have been previously discouraged from pursuing their projects due to the high cost of gas costs on other blockchains, XRPL transaction fees are around a half cent.
Monica Long emphasized how Ripple has always thought tokenization, liquidity, and settlement were the three most important aspects of XRP Ledger. These capabilities help users get closer to the Internet of Value because they can be used to a wide variety of use cases on a worldwide scale.
