Ripple intends to uncover additional tokenization capabilities on XRPL

Ripple says that as projects continue to be developed and tested on NFT-Devnet, it intends to explore more cryptographic possibilities on XRPL in the hope that this can inspire other projects and applications. According to a recent Ripple blogpost, the RippleX team may propose an upgrade to its NFT standard in an upcoming software release.

Ripple plans to upgrade its NFT standard via the upcoming release

Released in January, NFT-Devnet is a beta environment built to enhance NFT support on XRPL. Ripple’s Creators Fund, a $250 million commitment to support NFT creators using the XRP Ledger (XRPL) to explore the limits of NFT projects and use cases, was recently launched. This.

Ripple says it has received nearly 4,000 applications for projects focused on NFT use cases across gaming/Metaverses, music/entertainment, art/collectibles, and beyond since the Creator Fund launch. XRPL also inked partnerships with marketplaces such as Mintable, mintNFT, NFT PRO, Ethernal Labs, onXRP, and creative agencies like VSA.

The Digital Currency Association (DEA), a Frankfurt-based advisory organization focused on various forms of digital currency such as CBDCs, private cryptocurrencies, and stablecoins recently announced adding Ripple to the list of “supporting partners.” The Decacorn blockchain will support it in its work on a CBDC pilot.

As the DEA representative stated, Ripple was selected as a “gold-backed member” due to the level of expertise their team has in the area of ​​central bank digital currencies (CBDCs).

With partnerships in Bhutan and Palau, plus active conversations underway globally, Ripple continues to strengthen its CBDC initiative committed to supporting central banks.

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