XRPL Validators Vote On XLS-20 Amendment For NFT
The voting for XLS-20 amendment has already begun with XRPL validators to support native non-fungible tokens (NFTs), according to Emi Yoshikawa, Ripple’s VP of Corporate Strategy and Operations.
According to U.Today, RippleX stated that following extensive testing, it was certain that the XRL Ledger will be able to support the XLS-20 standard.
To assure the proposal’s passage over a 2-week period, at least 80% of them must vote in favor of it. Seven validators, including Brex.io and Bitso, had cast their votes against it as of the press release.
Developers were encouraged to offer feedback last May by RippleX, the blockchain company’s developer division located in San Francisco. It launched the NFT-Devnet in January, allowing developers to experiment with native NFT features.
The XRPL claims that because of its high throughput, low costs, and incredibly low energy usage, it is the ideal match for NFTs. Ripple revealed the opening of a $250 million fund in September of last year with the sole purpose of supporting creators who opt to launch their NFTs on top of the XRP Ledger.
The fund hired a number of creators earlier this year, including the creator of the visual autobiography of Michael Jordan.
The process of producing NFTs is made simpler by the inclusion of functions like minting and auctioning in the XLS-20 standard. Ripple and Web3 company CrossTower partnered last month to make XRPL-powered NFTs available on its marketplace.
Presently, the NFT industry is experiencing a major crisis, with OpenSea’s trading volume dropping by 99%.