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 Non-fungible tokens (NFTs) on the XRP Ledger (XRPL) that do not need any change in code for the XRPL. The discussion acknowledges aspects like account requirements, best practices, implementation, applications, impacts, to name a few. XRP Ledger for NFTs “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. 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 XRP Ledger already “supports issuing tokens (formerly (?) called ‘IOU’s’) that can be issued, sent, transacted to other XPRL accounts, etc.” The Idea Behind Wind’s Proposal 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.
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