XRP Validators Vote Commences on NFT-Related Amendment
Ripple’s vice president of corporate strategy and operations, Emi Yoshikawa, has revealed that XRPL validators have begun voting on the XLS-20 amendment that would permit native non-fungible tokens (NFTs).
Over a two-week period, at least 80% of them must vote in favour of the plan in order for it to succeed. Seven validators (Brex.io, Bitso, and others) had voted against the proposal as of press time.
In May of 2017, RippleX, the developer arm of the San Francisco-based blockchain startup, solicited comments from developers. It introduced the NFT-Devnet in January, allowing developers to experiment with native NFT capabilities.
According to U.Today, RippleX declared its confidence that the XRL Ledger will be able to satisfy the XLS-20 standard following extensive testing.
The XRPL is promoted as an ideal match for NFTs because of its fast throughput, low fees, and low energy usage.
In September of last year, Ripple announced the introduction of a $250 million fund dedicated to funding artists who issue their NFTs on the XRP Ledger. A number of artists, including the producer of Michael Jordan’s video autobiography, joined the fund earlier this year.
The XLS-20 standard includes auctioning and minting capabilities, which ease the process of producing NFTs.
Ripple partnered with Web3 company CrossTower to offer XRPL-powered NFTs on its marketplace last month.
The NFT industry is in the midst of a severe catastrophe, with OpenSea’s trading volume falling by 99 percent.