Ripple CTO Submits Proposal to add NFT Support to the XRP Ledger 14

Ripple CTO Submits Proposal to add NFT Support to the XRP Ledger

  • David Schwartz has submitted a proposal to add NFT support to the XRP ledger
  • The proposal is via Github and suggests the addition of 2 new objects and one new ledger structure on XRPL
  • The XRP ledger already offers support for tokens thus NFTs can also be supported by providing additional functionality
  • The XRP ledger is also efficient and has a lower carbon footprint than other blockchains

The CTO of Ripple, David Schwartz, has submitted a proposal via Github that provides a path towards adding NFT support to the XRP ledger. Mr. Schwartz proposal builds on earlier recommendations by the team at XRPL labs  and suggests the introduction of ‘extensions to the XRP Ledger that would [add] a native non-fungible token type,
along with operations to enumerate, purchase, sell and hold such tokens’.

The proposal, which has been co-authored alongside Aanchal Malhotra and Nikolaos Bougalis, introduces two new objects and one new ledger structure to the XRP Ledger. The first object to be proposed is the ‘NFTToken’ Object that represents a single NFT and holds all the data associated with it. The second object is the ‘NFTTokenOffer’ that represents an offer to buy or sell/transfer an NFTtoken. With respect to ledger structure, the proposal suggests adding an ‘NFTTokenPage’ which contains a set of NFT objects owned by a single account.

XRP Ledger Already has Custom Token Functionality

As earlier mentioned, the team at XRPL Labs had already published recommendations on how to add NFT functionality to the XRP ledger. According to a detailed report by the team, the XRP ledger is ‘suited to deliver a superior user experience for NFTs and tokenization more broadly’ when compared to other blockchains in the industry.

They cite that the XRP Ledger is cost-efficient and more scalable than Ethereum which has a tendency to experience high gas costs and congestion. Furthermore, the XRP ledger adheres to the ongoing desire to lower carbon emissions on all blockchains as explained below.

Building on the XRP Ledger provides developers a unique opportunity to run more sustainable NFT apps and marketplaces while eliminating a heavy burden for the planet. XRPL’s approach to sustainability also results in cost-efficient NFT projects that are more profitable for creators and accessible for mainstream consumers.

Additionally, the XRP ledger has a built-in custom token functionality that allows the seamless issuance of tokens that can be traded without a central authority through the XRPL’s decentralized exchange.