- Ripple is enabling NFT functionalities and use cases in XRPL via the NFT-Devnet testnet.
- Developers were invited to inspect and test the testnet before it was released on the mainnet.
As the race to supply and receive unobtrusive signals (NFTs) increases, Ripple launched what will bring NFT capabilities to the XRP Ledger (XRPL) for the first time since its inception. As announced by Ripple developer arm RippleX, the so – called NFT-Devnet testnet will provide developers with an easy way to explore the native NFT capabilities introduced with the May XLS-20d proposal.
In addition, a blog post by renowned RippleX cryptographer and software engineer Nik Bougalis shows that developers can start creating signaling and utility applications. The XLS-20d proposal introduced extensions to XRPL to support indigenous NFTs, listing, buying, selling and holding. Developers also have access to key NFT functionalities like mincing, trading and burning.
Ripple launches NFT testnet
In addition, the NFT-Devnet supports enhanced features such as auto-copyright and co-ownership. Automatic rights are sophisticated structures for rewarding the original creators of NFTs, and are jointly owned by more than one entity. Bougalis noted:
We are excited to bring our NFT capabilities proposal live on the NFT-Devnet, a testnet with functionality that will be exactly the same as the main Devnet.
Currently, the NFT-Devnet is in beta release for developers to test before it is released on the Mainnet. The XLS-20d proposal will be added to the testnet so that developers can test the proposed capabilities without compromising XRPL performance.
One of the projects that will add to the testnet is the Carbonland Trust. This project is one of more than 20 funded by XRPL grants. Its goal is to protect forests by removing carbon from NFTs and conservation certificates.
Growth on NFTs
Last year was the most successful for NFTs since their introduction into the industry. Data from DappRadar show that NFT trade increased to $ 25 billion in 2021, from $ 94.9 million in 2020. The fourth quarter of 2021 accounted for $ 11.6 billion of these trades. The Ethereum-based OpenSea NFT market has emerged as the best of its kind, recording star-wide sales.
More information: OpenSea Trading Volume rises in January as Bored Ape Craze takes a New Level
The growth of the NFT sector can be attributed to a number of factors. These include celebrity endorsements such as rapper Snoop Dogg and the Twitter account claim of Cozomo de ‘Medici, an NFT enthusiast. Brands like Adidas also entered the sector and its fans added. Other notable entrants are flagship auction houses and venture capital investors. The emergence and buzz of GameFi and the Metaverse also contributed significantly.
Aside from the hype, Modesta Masoit, finance and research leader at DappRadar, believes that companies involved in NFTs are looking more closely at their use cases. This is why it is also associated with the growing decentralized financial (DeFi) and gaming sectors.