Ripple’s Development Arm Finally Announced the Launch of Much Awaited NFT-Devnet
Launched by Ripple’s development arm, NFT-Devnet will make XRP Ledger effective for NFT-related operations.
A day before, RippleX software engineer and famous cryptographer, Nik Bougalis, announced the launch of much awaited XLS-20 based NFT-Devnet.
I know how long people have waited for this so I’m excited to let everyone know that the XLS-20-based NFT-Devnet is now available for anyone who wants to begin testing the proposed native NFT extensions to the XRPL.https://t.co/x1woWF3eDY
— 𝙽 𝙸 𝙺 𝙱 (@nbougalis) January 11, 2022
While acknowledging peoples’ longing for NFT-Devnet Bougalis stated that he is excited to let everyone know that the NFT-Devnet is now available for developers who want to explore the proposed native NFT extensions to the XRPL.
For the context, XLS-20 was introduced in May 2021, with a view to usher the development of XRPL-based NFT platform to not only support a native NFT type but also to enable users to sell, purchase, exchange and hold the digital assets.
As for NFT-Devnet, Bougalis further stated that the developers would be able to use all the important NFT-related functionalities through NFT-Devnet. The functionalities include, but are not limited to, burning, minting and trading of NFTs, rather the NFT-Devnet also features some advanced capabilities like co-ownership and automatic royalties.
While co-ownership expands the access possibilities to assets, automatic royalties enable more advanced royalty structures for developers.
Currently the NFT-Devnet is in beta, and only allows developers to test the operations on XRPL. Before the NFT-Devnet’s launch on mainnet, firstly XLS-20d will be made available on testnet.
Bougalis stated cheering the launch of NFT-Devnet that truly is a major step towards RippleX’s proposal for NFT capabilities:
“We’re excited to bring our proposal for NFT capabilities to life on the NFT-Devnet, a test network with feature-functionality that will look exactly like the primary Devnet.”
The NFT market saw an unprecedented growth in 2021, with total aggregated market volume going up to $25 billion from $94.9 million in 2020. Over $11 billion were fetched only in Q4 of the year 2021. Now this clearly explicates the potential the NFT Market has.