Friday, July 30, 2021
Home Crypto News Market XRP Ledger Can Host Many Different Types Of Tokens, Including Non-Fungible Tokens...

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

- Advertisement -

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”.

 

 

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.

FTX US

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.

- Advertisement -
Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Binance Stops Crypto Futures Trading Services Across European Countries

Binance Exchange will stop offering Futures and Derivatives trading products for all European users. window.coinzilla_display = window.coinzilla_display...

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly