Here's How NFTs Are Coming to the XRP Ledger, According to Ripple-Backed XRPL Labs

Here’s How NFTs Are Coming to the XRP Ledger, According to Ripple-Backed XRPL Labs

9 March 2021

in XRP

Reading Time: 3 mins read

XRPL Labs’ Hubert Getrouw is explaining how the XRP Ledger is preparing to accommodate non-fungible tokens (NFTs) into its network.

Leading NFT marketplaces like Rarible (RARI) or OpenSea currently require the use of an Ethereum wallet, but in an interview with crypto Eri, Getrouw says that when the XRP Ledger starts facilitating NFT transactions, users will be able to buy and sell them using XRP and other assets instead of relying solely on Ethereum (ETH).

“You can pay with XRP because you’re on the XRP Ledger. So you have the DEX, the XRPL DEX, the decentralized exchange, and there you could trade your NFTs for XRP… You can purchase it with any fiat you want or any asset that you want and also at a very high speed and no high transaction cost.”

Getruow explains that there will essentially be three ways to make an NFT on the XRP Ledger.

“You have three ways of actually making those NFTs. One of the ways is you use one address and later you blackhole it, so that means you can’t make another token. So you can make another token but that’s not really maybe the way you want to go because you have to create a new account every time you want to make an NFT.

So another way you could do it, is you can use one account and add your domain name to it because the XRP Ledger lets you add a domain to your account settings so you can have some sense of trust. If you’re an artist with a website you can show, ‘Okay, this is my NFT from my account, and I trust those people that they won’t make another NFT of that same image for example.’”

The third method according to Getruow is the issuance of multiple tokens as a batch. After the process, the account will be blackholed.

While NFTs have been focused on arts and entertainment in recent months, Getrouw says he sees NFTs being used to prove ownership of “real life” things in the future.

“Now you see it’s mainly used for entertainment uses and for art, but I think you can think much bigger… For now, it’s for digital things but you can also do it for ownership for real-life things or you could think like ownership for houses, maybe birth certificates. There very many use cases that can be found in the future.”

https://www.youtube.com/watch?v=y6OsxcVJBgE

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