XLS-20 standard proposed by Ripple aims to make NFT creation on XRPL highly compact and effective
Managing Director Ripple Monica Long is excited about the unveiling of new NFT use cases such as ticketing experiences, as Ripple is backing NFT lending startup Supermojo. As reported by Fortune magazine, former Ripple executives have raised $6 million for new NFT funding and loaned to start-up Supermojo.
In a recent July Ripple Drop edition, Monica Long discusses how use cases for NFTs can go beyond the most typical use case, which is collectibles.
“NFT applications can span many different industries, but the central idea is about ownership,” she said. According to Ripple GM, the special attributes of NFTs that define ownership could be particularly useful for assets such as, for example, real estate securities or carbon credits.
This XLS-20 standard proposed by Ripple aims to make NFT creation on the XRPL highly compact and effective, minimizing any negative effects on the ledger’s performance and preventing congestion. With built-in functions like minting and auctioning, XLS-20 aims to significantly simplify the creation process for developers.
AMM functionality on the XRP ledger
Last month, RippleX offered to add native Automated Market Maker (AMM) functionality to the XRP Ledger for consideration by its developer community.
Now, the proposal is gearing up to receive feedback. Although it would be a novel addition to the XRP Ledger, an automated market maker is by no means the first of its kind.
Despite being a late entrant, this AMM hopes to be a very attractive contribution to decentralized finance due to the distinctive AMM concept it provides and the performance nature of XRP Ledger. The new continuous bidding mechanism hopes to be the most distinctive feature of the AMM protocol.
