XRPL Network Advancements Impressed Ripple CTO

David Schwartz

David Schwartz, the Chief Technology Officer of Ripple, showed his approval for the XRP Ledger-based marketplace for non-fungible tokens (NFTs) called “xrp cafe” yesterday.

The network’s top marketplace for NFTs is based on weekly volume, and the total number of NFTs sold this month.

Ripple Chief Technology Officer David Schwartz yesterday gave the XRP Ledger-based NFT marketplace xrp café his approval.

The announcement came as the market revealed that it had just accomplished many of its predetermined benchmarks. The milestones indicated include IPFS support, a 1-of-1 NFT minter, and XRP minting pages.

Notably, single edition NFTs are 1-of-1 NFTs. Therefore, it is not part of a collection; there is only one.

The Interplanetary File System is abbreviated as IPFS. It is deployed to store off-chain NFT data, functioning as a pointer to such data and resolving ownership issues.

According to recent data shared by the NFT marketplace, Bithomp has become the most popular marketplace on the XRPL, with over 50% of all XRPL NFT sales by volume this week and the highest number of NFTs sold this month. Bithomp’s data at the time of writing indicates that it has been responsible for 55.79% of NFT sales by volume this week, with a total of 3,863 NFTs sold this month, ranking only second to onXRP in terms of sales volume.

It is important to note that XRPL Grants provided $100,000 to the project in January.

Others reacting to the announcement have said that a positive community experience is to commend for the recent accomplishments.

NFTs were introduced to the XRPL network in October, although it was later than other networks. However, the XRPL network provides several distinct benefits for NFTs. For example, they are less vulnerable to attacks, which increases their security. Additionally, the use of NFTs is less likely to cause network congestion, which can result in faster and more reliable transactions. Finally, because the XRPL network does not rely on smart contracts, the cost of using NFTs is reduced.

XRPL NFTs have had remarkable acceptance within a few months, with trading volumes exceeding 10 million XRP in December. Furthermore, developers recently presented a lighter-weight NFT specification to go along with the XLS-20 standard, aiming to make using NFTs on the network more manageable.

Share this :