Ripple proposed XLS-20 last year, a standard that would allow XRP Ledger to offer a native NFT type and a smooth NFT experience. The new XLS-20 standard seeks to assist developers in creating more advanced and innovative NFT apps on the XRPL platform.
Fintech firm Ripple is expanding its presence in the crypto scene by developing a new standard which’ll allow for complex NFT applications to exist on $XRP Ledger. To support this endeavour, the French non-profit has been delving into other areas of development which will enhance its proficiencies across multiple fronts.
The new standard is called XLS-20, which, according to the firm, will help “developers build a more advanced and innovative NFT application”. The initiative will also include the onboarding of multi-purpose applications, as well as the enhancement of its XLS-20d standard which has a built-in native token functionality.
Ripple’s Creator Fund, which invests $250 million to help inventors get started with their NFTs, was established in September 2021. Since the opening of the Creator Fund, the Ripple team claims to have received approximately 4,000 applications for projects centered on NFT use cases in gaming/Metaverses, music/entertainment, art/collectibles and other areas. xPunks, Steven Sebring and Justin Bua, among others, are some of the Creator Fund recipients who are pushing their NFTs to the next level.
Ripple is set to provide “financial, technical, and business support to introduce several new developer programs as part of the fund.” The 1 billion tokens are set to be disbursed to developers “over the next 10 to 20 years,” to help developers build and scale their applications to businesses built on top of the XRP Ledger.
It’s worth noting Ripple is a for-profit company that helps promote and develop the XRP cryptocurrency, as well as the software behind it, the XRP Ledger. The firm leverages the XRP token through its RippleNet offering, which aims to provide banks with low-cost and simple cross-border transactions. RippleNet’s network includes American Express, Bank of America, Santander, and others.