NFTs can now be used on the mainnet of the XRP Ledger of the Community. Ripple wants to speed up the wide use of tokenization, which is the process of representing real-world assets on the blockchain. Analysts are optimistic about XRP because of what has happened with XRPL.
XRP Ledger accepts NFTs, and mining starts
The company that made XRP tokens, Ripple Labs, has moved into the world of digital collectibles. The minting of NFTs on the XRPL mainnet was an important development step that was announced by the developers.
As of November 2, the XRP blockchain supports digital collectibles, or NFTs, through XLS-20, which is a standard Ripple call. Nearly a year after Ripple announced the $250 million NFT fund, the community voted to let the new technical update go live. The payment giant had said that the fund would be used to make Ripple’s blockchain more innovative.
In an interview, David Schwartz, CTO of Ripple Labs, said that the company’s goal is to make tokenization easy for everyone to use. Tokenization is the idea that digital art and collectibles can be used to show ownership of real-world assets. Through this project, Ripple will help existing blockchains have lower costs, faster speeds, and better security.
Schwartz claimed projects will be based on things like ownership of land and carbon credits. On the XRPL mainnet, NFTs can be used in a number of ways, and Schwartz thinks that the blockchain can represent anything that can be owned and is unique.
Thanks to the collective effort of the #XRPL community and @RippleXDev engineers, XLS-20 is now enabled on the XRP Ledger Mainnet and a few NFTs have already been minted. (1/4)
— David "JoelKatz" Schwartz (@JoelKatz) October 31, 2022
Ripple is using NFTs at a time when digital creators want to get royalties. This has put the spotlight on those who make things.
Some popular marketplaces, like X2Y2, Magic Eden, and LooksRare, have made royalties optional, which is hard for people who make NFTs. By adding NFTs to the XRPL mainnet, creators now have a way to get royalties from their digital art. The goal of Ripple’s project is to make it easier for NFT artists to get their royalties.
Analysts are optimistic about XRP
XRP’s price pattern was analyzed, and an altcoin rally was foreseen. If the market is actually bullish, the analyst thinks that a breach above the most recent higher low at $0.49 might be the triangle breakout that investors have been hoping for.
The best goal for XRP price would be a move back up to the previous congestion zone at $0.66. In this case, the price of XRP could go up 40% in the current cycle.
Invalidation of the bullish view could occur if the altcoin breaches the swing low at $0.42. This action would result in an 18% fall in the price of Ripple.
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