According to XRPL Labs, NFTs are looking towards the XRP Ledger for their operations. Hubert Getruow of XRP Ledger Labs explained how the XRP Ledger is preparing to accommodate and support non-fungible tokens (NFTs) into its network.
In an interview with “Crypto Eri”, Getruow said that when the XRP Ledger starts its facilitation of NFT transactions, the users will be able to transact, buy, and sell using XRP and other assets instead of just Ethereum. This comes in the time when leading NFT marketplaces like OpenSea or Rarible (RARI) require their users to use an Ethereum wallet.
Getruow says that through this, users can pay with XRP because they will be using the XRP Ledger. Users would also be allowed to use the XRPL DEX, the decentralized exchange, and trade NFTs for XRP. These could be done with any fiat the user wants or any assets available to them at high speeds and no transactions costs.
Caption: The XRP Ledger will support NFTs on its network soon.
Getruow explained that there are three ways to make an NFT through the XRP Ledger. One is to make use of an address “black hole” it later. This bars users from making another token. However, he explains that users may choose to make another token, requiring another account.
Second, users may use one account and add their domain name to it as the XRP Ledger allows this function as an additional sign of trust for its users. Getruow explains this is very handy for artists to protect themselves from plagiarisms.
Lastly, the XRP Ledger will allow for several tokens as a batch and be “blackholed” after the process is done.
Despite NFTs being focused on art and entertainment in the last few months, he says that these can be made as proof of ownership in real life. He emphasized on the potential of these NFTs and the many cases they can be used in the future.