Earlier today, RippleX announced the success of its developer team as they created a new ledger, XRP Ledger 1.9.0. The new upgrade is reportedly compatible with the XLS-20 standard needed to mint NFTs.
Ripple Integrated XLS-20 Into It Upgraded XRP Ledger (XRPL)
According to the reports, the giant exchange based in San Francisco officially stated that their XRP Ledger now supports XLS-20. This is great news for Ripple’s customers as they can now mint and store NFTs on the platform.
With the integration of the XLS-20 standard, XRPL now has NFT features. This means developers can now build apps that would enable users to mint, store and burn NFTs on the XRPL.
Furthermore, the crypto firm explained that the upgrade would enable users to vote for or against the new standard. Additionally, the firm is aiming at a new generation of non-fungible tokens, reduced transaction charges, and prolonged sustainability on its Ledger.
Hence, it keeps updating it till it matches the same offering power as that of Ethereum Ledger. Also, it aimed at solving the issue of network congestion and slow transaction throughput.
Ripple Developers Tests XRPL’s Throughput
Furthermore, the team behind the upgrade has started testing the new ledger’s ability to execute more transactions from on-ledger NFTs. According to the developers, the highest number of transactions executed per second so far was 2,199.
Also, the team created one million pseudo accounts to examine the throughput of the ledger. About 20 NFTs were minted from each of the accounts.
Following that, they also examine XRP fees, NFT offerings, and minting services. It is worth mentioning that they carried out the tests in an excellent synthetic environment using improvised workloads.
Therefore, the result obtained is not necessarily going to be the same as that of a real-world condition. For instance, each of the sites used for the test has just five validator nodes.
Meanwhile, there are hundreds of validation nodes that are actively executing transactions all over the world. Ripple launched a $250M fundraising for creators who want to create NFTs on the XPR Ledger in September last year.
Ripple Welcomes Multiple Investments
The crypto firm claimed to have the ideal for minting NFTs as it boasted of its XRP Ledger’s fast transaction speed. It also added that the Ledger is decentralized, cheaper, easy to use, and reliable.
Following the announcement, Ripple has received numerous applications from different organizations that wish to launch their NFT project on XRP Ledger. Many of the projects include games, entertainment, art gallery, metaverses, and other use cases of NFTs.
In addition, Ripple has reportedly been in touch with multiple NFT marketplaces for a potential collaboration. The marketplaces include mintNFT, Eternal Labs, Mint able, and other prominent marketplaces.
Many analysts consider Ripple’s move as a bullish one as they believe the firm would benefit a lot from NFT activities.