Connect with us

Ripple and XRP News

Ripple’s Development Arm Finally Announced the Launch of Much Awaited NFT-Devnet

Published

 

on

Launched by Ripple’s development arm, NFT-Devnet will make XRP Ledger effective for NFT-related operations.

A day before, RippleX software engineer and famous cryptographer, Nik Bougalis, announced the launch of much awaited XLS-20 based NFT-Devnet.

While acknowledging peoples’ longing for NFT-Devnet Bougalis stated that he is excited to let everyone know that the NFT-Devnet is now available for developers who want to explore the proposed native NFT extensions to the XRPL.

For the context, XLS-20 was introduced in May 2021, with a view to usher the development of XRPL-based NFT platform to not only support a native NFT type but also to enable users to sell, purchase, exchange and hold the digital assets.

As for NFT-Devnet, Bougalis further stated that the developers would be able to use all the important NFT-related functionalities through NFT-Devnet. The functionalities include, but are not limited to, burning, minting and trading of NFTs, rather the NFT-Devnet also features some advanced capabilities like co-ownership and automatic royalties.

While co-ownership expands the access possibilities to assets, automatic royalties enable more advanced royalty structures for developers.

Currently the NFT-Devnet is in beta, and only allows developers to test the operations on XRPL. Before the NFT-Devnet’s launch on mainnet, firstly XLS-20d will be made available on testnet.

Bougalis stated cheering the launch of NFT-Devnet that truly is a major step towards RippleX’s proposal for NFT capabilities:

“We’re excited to bring our proposal for NFT capabilities to life on the NFT-Devnet, a test network with feature-functionality that will look exactly like the primary Devnet.”

The NFT market saw an unprecedented growth in 2021, with total aggregated market volume going up to  $25 billion from $94.9 million in 2020. Over $11 billion were fetched only in Q4 of the year 2021. Now this clearly explicates the potential the NFT Market has.


Gracie Perez is a part of RippleCoinNews team since we started. she holds a degree in Computer Sciences. From 2017, She has pivoted her career towards blockchain technology, with principal interest in writing Cryptocurrency news and different guides. She is also working with different online media outlets.

Click to comment

Leave a Reply

Your email address will not be published.



Recent Press Release



Ledger Nano X - The secure hardware wallet