Monica Long, Managing Director of RippleX, the decacorn development arm of Ripple digital payments, spoke with Tony Edward of the Thinking Crypto podcast
Monica Long, general manager of Ripple’s RippleX explained why XRP Ledger is a natural platform for the release of non-fungible tokens (NFTs).
XRPL standard for NFTs set to launch large-scale development funds
Ms. Long met Tony Edward on the latest episode of the popular Thinking Crypto podcast. The prospects for the XRP Ledger blockchain platform as a technical basis for NFTs were among the most interesting topics discussed by the two.
As explained by RippleX GM, since its inception in 2012, XRP Ledger has supported the issuance of various tokens. Thus, the XRPL community is interested in its evolving into a top-tier NFT platform.
Much like Ethereum’s ERC-721 and ERC-1155, the XLS-20 standard will provide XRPL with transparent NFT functionality. If approved by the XRPL enthusiasts referendum, the standard will soon be uploaded to devnet.
Also, to bootstrap the efforts of NFT creators, RippleX launches a dedicated fund. Partnership with the Mintable project is another powerful catalyst for XRPL’s NFT progress.
ODL performance explodes despite regulatory attacks on Ripple
Additionally, Ms. Long shared the latest statistics from Ripple’s Silver Corridor ODL. Retail users and institutions use it for cross-border settlements.
She revealed that the protocol witnesses 130% quarter-over-quarter growth in terms of value processed. Compared to Q3, 2020, this indicator spiked 2,400%.
As previously covered by U.Today, on July 28, 2021, Ripple activated a brand new ODL (“On-Demand Liquidity”) corridor between Japan and the Philippines. The new corridor supports seamless conversion between XRP token and Philippine peso.
