Anthony Welfare, a Ripple CBDC adviser, is enthusiastic about the application of XRPL for NFT verification and real-world assets.
NFTs serve as a link between the analogue and digital worlds. Welfare utilised an NFT artwork with a scan of the “phygital” chip and the NFT QR code as an illustration of how XRPL may be applied in practical situations.
Developers and builders that use the XRPL for their NFT projects and apps saw a big turning point when XLS-20, the standard for XRPL NFTs, became live on the XRPLedger mainnet last year.
Thanks to the integrated NFT capabilities of the XLS-20, XRPL now has access to NFT minting, trading, and burning features. Additionally, XLS-20 enabled the adoption of cutting-edge features like automatic royalties, co-ownership of assets, and more without the need for smart contracts.
Hong Kong plans to test digital dollar on XRPL
The usefulness of XRP Ledger is still expanding. Welfare just tweeted about Hong Kong’s plans to use XRPL and Ripple CBDC technology to test its digital dollar in the $229 billion mortgage market.
In May, Ripple said that it has been selected to take part in the first-ever e-HKD Pilot Programme of the Hong Kong Monetary Authority (HKMA) and provide a real estate asset tokenization solution.
Participants in the pilot project claim that the Hong Kong central bank plans to test the usage of its digital currency in the $229 billion mortgage market. Cutting the month-long loan approval process in half is the aim.
Two of the pilot participants, Fubon Bank (Hong Kong) and Ripple, will research the use of the e-HKD in residential mortgage loans, which, according to Welfare, made up one-fifth of the loan book for the banking industry in recent months.
If homebuyers may get e-HKD loans in an e-wallet both online and offline will be assessed in the pilot research.
