Ripple engineer Nick Bougalis announced the launch of the NFT-Devnet platform to explore the possibilities of non-fungible tokens. Initially, a beta version of the platform will be available to developers.
According to Nik Bougalis’s blog post, developers can already start building apps and exploring use cases for tokenization on the platform. They will also have access to all important NFT-related functions such as issuing, trading and burning tokens. In addition, NFT-Devnet will support cross-ownership with advanced features including automatic royalty payments.
Automatic royalties allow developers to create more sophisticated royalty structures, Bugalis said, and cross-ownership increases the ability to access assets. Bougalis pointed out that NFT-Devnet is still in beta testing, which will allow developers to test the functionality of the XRP Ledger before launching the mainnet.
The platform supports the XLS-20d solution, first introduced in May 2021. We are talking about extensions for XRP Ledger that will support their own type of NFT, as well as a protocol for transactions, buying, selling and storing non-fungible tokens. Developers will be able to evaluate the capabilities of NFT, and server operators will be able to examine the performance and results of the proposed modifications. Bougalis clarified that the test version will be similar to the mainnet.
“We are delighted to bring our proposal to explore NFT capabilities on the NFT-Devnet testnet, which will look exactly like the mainnet,” he said.
The collection token industry continues to evolve. New markets and platforms for NFT trading are opening almost daily. Last week, the Associated Press, one of the world’s largest news and media outlets, announced plans to launch a platform for selling NFT. South Korean electronics and home appliance maker Samsung plans to add collectible token purchases to several of its smart TV lines. Last year, Kraken announced its intention to launch an NFT trading platform.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
