David Schwartz, the Chief Technical Officer (CTO) of the San Francisco-based blockchain payment company Ripple for cross-border transfers, wants to provide NFT (Non-Fungible Token) support for the XRP Ledger (XRPL) The board of directors has also submitted a proposal.
Introduction of a ledger structure and two objects in XRPL
The proposal submitted by Ripple’s CTO is actually approved by two other personalities, including Nikolaos Bougalis and Aanchal Malhotra, along with David Schwartz. The aim of this proposal is to introduce a ledger structure and two objects into the XRP ledger. One of the two new objects is the NFT token, which points to a single non-fungible token and stores all of the data associated with it.
On the other hand, the second new object is known as the NFT Token Offer, which is supposed to offer the service to buy or sell a non-fungible token. The second thing included in the proposal is a new ledger structure, the purpose of which is to add an NFT token page that will have a number of non-fungible token objects on it.
According to the Ripple team, XRPL is easy to scale compared to Ethereum and is also inexpensive. According to the team:
“Building on the XRP ledger gives developers a unique opportunity to run more sustainable NFT apps and marketplaces while avoiding a heavy burden on the planet. XRPL’s approach to sustainability also results in cost-effective NFT projects that are more profitable for makers and accessible to mainstream consumers.”
Custom token functionality is already in Ripple’s ledger, and now this added support for non-fungible tokens will also help the company’s XRP ledger more.