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Ripple-Backed Developer Launches Proposal To Bring Red-Hot NFTs to XRP Ledger

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The Founder of Ripple-backed development studio XRPL Labs Wietse Wind is announcing plans to add non-fungible tokens (NFTs) to the XRP Ledger.

In a new tweet, Wind calls the attention of XRPL developers to share their ideas on how to bring the increasingly popular unique digital assets to the XRP Ledger.

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NFTs hold unique cryptographic properties and as such no two are alike. Therefore, the ownership and scarcity of digital items such as collectibles, artworks, and parcels of virtual lands can be verified.

Wind notes that the non-fungible attribute of an NFT makes it different from other crypto assets like XRP, which is divisible and replicable.

Wietse Wind also highlights that NFT transactions on the XRP ledger will work differently from those on other blockchains such as Ethereum. He says users can only receive specific tokens from another user if they opt in by signing a TrustSet transaction that lists the issuer’s account and the token code to trust.

Wind launches his proposal amid growing interest in the ballooning NFT space. Recently YouTube star Logan Paul, who released his own NFT artwork, sold more than $3.5 million worth of digital items in less than 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/MarkOfShell

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