Wietse Wind, the founder of Ripple-backed XRPL Labs, started a discussion for his proposed standard of working with NFTs on the XRP Ledger. The proposal is about supporting the <a href="https://www.cryptoknowmics.com/news/non-fungible-tokens-on-a-path-to-mainstream-adoption/">Non-fungible tokens</a> (NFTs) on the XRP Ledger (XRPL) that do not need any change in code for the XRPL. The <a href="https://github.com/XRPLF/XRPL-Standards/discussions/30" target="_blank" rel="nofollow noopener">discussion </a>acknowledges aspects like account requirements, best practices, implementation, applications, impacts, to name a few.
<h2>XRP Ledger for NFTs</h2>
“A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to eg. the native asset on the XRPL, XRP, where XRP can be sent and received without being uniquely (per token) identified.

“Where normal tokens and the native asset XRP can be divided (eg. receive 1 XRP, send 0.5 XRP), NFT’s can only be used as one whole, unique token: they are indivisible.” Said Wietse Wind.  

[embed]https://twitter.com/WietseWind/status/1365280233532891136?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1365280233532891136%7Ctwgr%5E%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fwww.cryptoglobe.com%2Flatest%2F2021%2F03%2Fxrpl-labs-founder-has-a-proposal-for-non-fungible-tokens-nfts-on-the-xrp-ledger%2F[/embed]

On giving some examples on use cases of NFTs, he stated:

“Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms. NFTs are used in several specific applications that require unique digital items like crypto art, digital collectibles, and online gaming.“

Wind then pointed out <a href="https://www.cryptoknowmics.com/news/ripple-network-announces-launch-of-xrp-ledger-version-160/">XRP Ledger</a> already “supports issuing tokens (formerly <a href="https://twitter.com/XRPLLabs/status/1361216610640547842">(?)</a> called ‘IOU’s’) that can be issued, sent, transacted to other XPRL accounts, etc.”
<h2>The Idea Behind Wind’s Proposal</h2>
The proposal does not require any amendment from the XRPL side. Also,  the modifications needed are easy to apply. According to Wietse Wind,  

“The XRP Ledger has an issued token precision of 15 significant figures. The smallest amount of an issued token the XRPL can handle is 1000000000000000e-96. The decimal value of this scientific notation is:

0.000000000000000000000000000000000000000000000000000000000000000000000000000000001

0.{80 zeroes}1…

“Let’s assign the last (say) 11 figures to client side / user interface ‘NFT behavior’…

"Iif the value of the issued currency is in the range of 1000000000000000e-85 – 1000000000000000e-96, clients should handle (represent, mostly a user interface affair) the amount as NFT."

Wind clarified that Hubert Getrouw, one of XRPL Labs’s interns, is experimenting with this idea and documenting his research.

XRPL Labs Founder Proposes Non-Fungible Tokens on the XRP Ledger 

Wietse Wind, the founder of Ripple-backed XRPL Labs, started a discussion for his proposed standard of working with NFT on the XRP Ledger

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.

XRPL Labs Founder Proposes Non-Fungible Tokens on the XRP Ledger

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