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Ripple’s Development Arm Launches NFT-Devnet

Ripple's Development Arm Launches NFT-Devnet
Written by publisher team

RippleX, the developer arm of Ripple, has announced the launch of the NFT-Devnet platform to explore the native NFT capabilities that were introduced with the XLS-20d.

Ripple’s NFT-Devnet for Developers

According to the official blog post, Leading crypto photographer and RippleX software engineer Nick Bogalis has revealed that developers may start building token applications and use cases. It also specified the addition of the XLS-20d, a proposal first submitted in May 2021.

For context, it was intended to introduce extensions to the XRP Ledger that would support the original NFT type, along with provisions to enumerate, buy, sell and hold these tokens.

Bogalis also noted that developers can access all the important functions related to non-fungible tokens, such as minting, trading, and burning. Additionally, NFT-Devnet supports advanced features, including automatic royalties; Shared ownership is also incorporated into the platform. Automatic royalties allow creators to have more complex ownership structures while shared ownership amplifies access to assets.

NFT-Devnet is still in beta, allowing developers to test functionality on the XRP Ledger before the mainnet is released. Initially, the XLS-20d will be launched on the NFT Test Network to enable developers to evaluate NFT capabilities and server operators to examine the performance and results of proposed modifications without exchanging the performance of the XRP Ledger.

Bogalis added that while stating that the latest launch marks the beginning of RippleX’s demonstration of NFT capabilities,

“We are excited to bring our proposal for NFT capabilities to life on NFT-Devnet, a functional test network with features that will look just like the basic Devnet.”

No stop NFTs

2021 was a wild year for NFTs. According to the latest stats from DappRadar, trading in these tokens reached $25 billion last year, compared to $94.9 million in 2020.

NFT sales jumped to $11.6 billion in the fourth quarter of 2021 alone. OpenSea emerged as the best performer with higher trading volumes. The explosive growth of the industry can be attributed to the entry of celebrities, brands, famous auction houses, the emergence of GameFi, the conquest of venture capitalists as well as the hype of the Metaverse.

Beyond the initial hype, Modesta Masoit, head of finance and research at DappRadar, believes that companies working with NFTs have shifted their focus to utility and integrated with other burgeoning areas of decentralized finance (DeFi) and gaming.

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