- XRP ledger enabled XLS-20 on mainnet allowing for minting of NFT, with some examples already born.
- While tokenization is not new to the XRP Ledger, arrival of NFTs and web3 projects on the mainnet is a key developmental milestone.
- Analysts have set a bullish target of $0.66 for XRP price as the token witnesses a boost in utility.
XRP Ledger of the community now supports NFTs on its mainnet. Ripple has plans to accelerate the mass adoption of tokenization – the representation of real-world assets on the blockchain. Analysts have a bullish outlook on XRP in light of the developments on XRPL.
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XRP Ledger embraces NFTs, minting begins
Ripple Labs, the developers behind XRP tokens have entered the world of digital collectibles. Developers announced the minting of NFTs on XRPL mainnet, a key developmental milestone.
As of November 2, the XRP blockchain supports digital collectibles, or NFTs, through XLS-20, a standard Ripple call. The community approved the roll out of the new technical update through a vote, nearly a year after Ripple’s $250 million NFT fund announcement. The payment giant had announced the fund to power innovation on Ripple’s blockchain.
David Schwartz, CTO of Ripple Labs, said in an interview that Ripple’s goal is to enable the mass adoption of tokenization. Tokenization is the concept of representing ownership of assets from the real-world through digital art and collectibles. Through this initiative, Ripple will offer lower costs, high speeds and improved security to existing blockchains.
Schwartz said that projects will be based on things like carbon credits and real estate ownership. There are several use cases for NFTs on the XRPL mainnet and Schwartz believes that anything that can be owned and is unique can be represented on the blockchain.
Thanks to the collective effort of the #XRPL community and @RippleXDev engineers, XLS-20 is now enabled on the XRP Ledger Mainnet and a few NFTs have already been minted. (1/4)
— David "JoelKatz" Schwartz (@JoelKatz) October 31, 2022
Ripple has embraced NFTs at a time when digital creators are keen on receiving royalties. This has put creators in the spotlight.
Prominent marketplaces including X2Y2, Magic Eden and LooksRare have made royalties optional and posed a challenge for NFT creators. XRPL mainnet’s adoption of NFTs therefore opens a gateway for creators to earn royalties through their digital art. The objective of Ripple’s initiative is to remove barriers to royalties for NFT artists.
Analysts reveal bullish outlook on XRP
Tony Montpeirous, technical analyst at FXStreet evaluated the XRP price trend and predicted a rally in the altcoin. The analyst believes that if the market is genuinely bullish, a breach above the recent higher low at $0.49 could be the triangle breakout investors have been waiting for.
XRP/USDT price chart
A rally towards the previous congestion zone at $0.66 would be an ideal target for XRP price. In such a scenario XRP price could therefore rise 40% in the current cycle.
Invalidation of the bullish outlook could occur if the swing low at $0.42 is breached by the altcoin. Such a move would result in an 18% decrease from the current Ripple price.
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