Issuing NFTs (Non-Fungible Tokens) on the XRP Ledger around the corneraccording to Ripple Third Quarter Market ReportRipple developers have now proposed native NFT support on the network in the first quarter of 2022. Its purpose was to give developers access to the ability to create, trade, and burn non-fungible tokens.
but, bug found This could be used by malicious players “to perform denial-of-service attacks against NFT issuers.” Therefore, the developers withdrew their vote. Instead, a new proposal was presented to remove the mechanism that caused the bug to occur. Reports show that the new proposal has more than 80% of the votes, more than the number needed for implementation. The community expected this proposal to go live in the fourth quarter of this year.
Additionally, the report sheds light on the recipients of the second wave of Ripple’s Creator Fund. The Creator Fund is his $250 million initiative to provide creators with the resources they need to research and develop NFTs and other tokenization projects on the XRP Ledger. Ripple seems to have perfectly timed the next wave of receivers.
The XRP Ledger is home to Balmain Thread, an NFT project by French fashion giant. The Balmain Thread is the company’s take on mintNFT’s membership, loyalty and rewards program, ‘The Club’. As part of this community, members have access to physical and virtual events, awards, community voting rights, and more.
Will the NFT market recover soon?
The 2021 NFT hype has been unprecedented. But the hype finally died down in early 2022. Art pieces that were worth hundreds of thousands of dollars were suddenly worth pennies. industry’s largest loss When the value of his nearly $600K NFT dropped to $10.
However, the non-fungibility use case has not yet been fully explored. Apart from copyright protection, this technology has many everyday use cases. As an investment, however, it will take a while for this space to get out of its slump.
According to one report, NFTs are pushing the transition to the Metaverse, and the Metaverse has already made great strides. NFTs could make a big comeback once virtual environments take hold. Additionally, the irreplaceable space continues the general crypto bear market. If the market recovers, NFTs may return to their previous highs.