XRP Ledger Now Supports NFTs
Ripple Labs announced that the XLS-20 standard has been activated on the XRP Ledger mainnet, allowing the creation of native NFTs on top of the ledger. Ripple Labs offers lower fees and faster processing than other blockchains that support NFT technology.
Ripple (Ticker: $XRP) is the sixth largest cryptocurrency by market cap. Ripple implemented the XLS-20 standard yesterday after a successful approval vote. Last year, Ripple launched a $250 million fund for NFTs to explore ways the blockchain could support NFTs.
Artists will be allowed to integrate their royalties on-chain in the Ripple NFT marketplaces. Royalties for creators have been a hot topic of discussion, after Magic Eden made royalties optional for collections and Looks Rare removed royalties by default, sharing its protocol fees with creators instead.