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XRP Ledger Revolutionizes with New Amendments: A Boost for NFTs and XRPL Ecosystem

XRP Ledger is set to implement five key amendments to enhance functionality and NFT capabilities. The changes come after a UNL vote exceeded the 80% threshold.

XRP Ledger & NFTs

The XRP Ledger (XRPL) is undergoing a significant transformation with the upcoming implementation of five key amendments. XRP Cafe, one of the most reputable NFT marketplaces on XRPL, revealed that these changes come after a UNL vote consistently stayed above the 80% threshold for nearly two weeks.

The UNL vote is an indicator of the community's collective interest and showcases XRPL’s commitment to transparency and democratic decision-making.

The "DisallowIncoming amendment" will add a new layer of control, enabling account holders to regulate all incoming transactions. This is a significant move in increasing user control within the network.

The "fixNonFungibleTokensV1_2 amendment" aims to enhance XRPL's support for NFTs, promising a more diverse and flourishing NFT ecosystem.

Another amendment, "fixTrustLinesToSelf," will optimize the trust line functionality, especially in situations where assets are transferred to one's own address.

  • "fixUniversalNumber": To resolve precision and consistency challenges in numeric values.
  • "ImmediateOfferKilled": Will remove offers from the order book as soon as they are "killed."

In October 2020, the NFTs on XRPL were standardized through the XLS-20 protocol, offering anti-spam measures and automatic royalties, as disclosed by Ripple director Emy Yoshikawa.

Since the launch of NFTs on XRPL, there has been a surge in transactions. In Q2, the metric grew by 12.7%, and the NFTokenCreateOffer dominated over 50% of all NFT transactions.

Recently, Italian motorcycle manufacturer Ducati has partnered with XRPL to deploy upcoming projects using Ripple's technology.

The new amendments are poised to transform the XRPL ecosystem, making it more functional, precise, and consistent. With improvements in NFT capabilities and trading dynamics, XRPL takes a significant step forward in blockchain innovation.