XRP Ledger Can Host Many Different Types Of Tokens, Including Non-Fungible Tokens (Nfts)

The XRPL Labs team announced that XRP Ledger can host many different types of tokens, including the Non-fungible token (NFT). Such a change has a huge potential that can give the XRP Ledger more use space.

As a result of increased interest in digital central bank currency (CBDC), Ripple announced that XRP Ledger could also be used for CBDC’s production.

Ripple calls the non-XRP assets generated in the XRP Ledger as Produced Currencies (known as Issued Currencies, or IOU). According to XRPL Labs, which received investment from Ripple and developed the Xumm application, this term does not reflect the true potential of the XRP Ledger. This is why most businesses and individuals do not give the value that should be given to XRP Ledger.

It is suggested that the XRP Ledger, an open source network, can host non-fungible tokens. XRPL Labs’ recommendation is to stop calling such assets “Currency Produced” and start calling them “XRP Ledger-based tokens”.

At XRPL Labs we decided to stop primarily using the term "IOU" for issued tokens on the XRP Ledger.

While some tokens issued on the XRP Ledger are indeed IOU's (I owe you), with counter party risk, it's also possible to issue 'regular' tokens. Fixed supply, NFT's, all possible.

— XRPL Labs (@XRPLLabs) February 15, 2021

P.S. On NFT's: "Non-fungible tokens". Yes, that's possible today on the XRPL. Approach is slightly different from how that works on eg. ETH, but definitely possible.

This month an intern (Hubert) will start at XRPL Labs, researching & publishing about NFT's @ the XRPL.

— XRPL Labs (@XRPLLabs) February 15, 2021

If XRP Ledger is launched in this way, it may be partially classified as Ethereum. XRPL Labs team, with the awareness of this, “To produce NFT in XRP Ledger. It is a different path than Ethereum, but it is possible. “ found in the description.

Labs management has started working to examine this possible opportunity. The team has received a new name to research potential XRP Ledger-based NFTs. The findings obtained during the research are expected to be compiled in various articles.

NFTs, which are largely based on Ethereum, are gaining popularity. Dapper Labs, manufacturer of collections such as CryptoKitties and NBA Top Shots, received an investment of $250 million, while the company value was positioned at $2 billion. Dapper Labs has achieved nearly $100 million in NFT volume so far.