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šŸ”„ XRP Ledger NFTs are Here šŸ”„
October 31, 2022
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Last year, we proposed an ambitious goal to the XRPL community: bring NFTs to the XRP Ledger.

Since then, RippleX engineers and members of the XRPL community have conducted extensiveĀ performance testing, identified bugs (andĀ fixes), and iterated on ourĀ visionĀ to enhance on-ledger support for NFTs and XRPL stability.

Thanks to this collective effort, XLS-20 is enabled on the XRP Ledger Mainnet.

XLS-20Ā (the standard for XRPL NFTs) presents a considerable milestone for developers and builders utilizing the XRPL for their NFT projects and apps. The new standard introduces native non-fungible tokens (NFTs) on the XRP Ledger to represent assets that are each unique along with operations to enumerate, transfer and hold such tokens. What makes this all possible is, of course, the ledgerā€™s built-in tokenization functionality and performance advantages.

XRP Ledger NFTs: Benefits and Design

Blockchains are hard to change for very good reasons. RippleX engineers took time to build the right standard with a no-smart-contracts approach, making NFTs on the XRPL less vulnerable (e.g. bridge hacks), less congested and less expensive than other chains.

XRP Ledger NFTs were also designed with efficiency in mind. Significant transaction expenses are a fundamental problem for developers minting NFTs on leading layer-1 blockchain solutions. Gas fees alone on some chains can add hundreds of dollars to the final price of an NFT and vary based on a given networkā€™s user traffic and congestion. With XLS-20, developers can support more NFTs at lower cost and do things like leverage auction functionality and an efficient storage mechanism, direct a cut of secondary sales to the original minter on the XRPL, or even co-own NFTs.

NFTs on the XRPL also include automatic royalties which standardize royalty enforcement thanks to the ledgerā€™s built-in DEX. (This is a huge benefit compared to passing through different exchanges with different rule sets.) For creators, NFT transfer fees provide them a share of the revenue when the NFT is bought and sold. They can also designate a third party who mints and sells the tokens on their behalf.

With on-ledger NFTs, the XRP Ledger is an attractive destination for developers to build new NFT applications that support minting, burning and trading at scale.

By and For the Community

Making XLS-20 activation a reality could not have been possible without the explosive demand from all of you. RippleX may have proposed the XLS-20 standard, but developers from around the world directly informed the future of NFTs on XRPL community channels like Github (more than 200 comments and nearly 100 issues raised), Discord and Mattermost.

Developers likeĀ MikeCheckYaSelfĀ were instrumental in identifying a critical bug in the XLS-20 amendment code and inspiring the designā€”which aims to make it easier for developers to access XRPL functionality without needing to build or maintain complex smart contracts. Beyond that, we focused on addressing developer pain points throughout the entire NFT journey by introducing dev toolings such as robust documentation, efficient on-chain storage, library support and more.

Meanwhile, community projects likeĀ xDude,Ā Pixel Ape Rowboat Club (PARC),Ā X-TokenizeĀ andĀ XRP JunkiesĀ (to name a few) are proof of the excitement and NFT use cases made possible with the XRPLā€™s low transaction cost and high transaction volume.

After formally proposing theĀ amendment for votingĀ via the XRP Ledgerā€™s on-ledger voting mechanism, the writing on the wall was clear. XLS-20 truly has the potential to cement the XRPL as the chain of choice for unlocking functional NFT utility. Itā€™s finally happening, and thereā€™s no denying the opportunity (and continuous improvements and iterations) ahead.

In Full Transparency

Because of the XRP Ledgerā€™s decentralized nature, no singular authority can make decisions for the network. Instead, network changes are determined by its participants, who vote on behalf of the XRP Ledgerā€™s best interest. Some participants even initially voted ā€œnoā€ on XLS-20, urging all to do their due diligence and ultimately ensuring a battle-tested amendment ready for 2022 and beyond.

And rightfully so (as I said, we took aĀ lotĀ of time to ensure we got this right). In full transparency, XRPL NFTs have the potential to cause a temporary increase in traffic on the XRP Ledger network. While weā€™ve conducted extensive performance testing and remain confident in the XRP Ledgerā€™s stability, efficiency and security, the road to enabling native NFT support has been long. Some community members like Alloy Networks voiced concerns about minting NFTs and converting large collections of NFTs all at once.

OtherĀ concernsĀ included outages of individual XRP Ledger servers or increased transaction costs due to network load. Itā€™s also worth noting that NFT objects are incredibly lightweight, with transactions designed for maximum flexibility with minimal overhead. So devs are cautioned to be mindful of scalability when deploying native NFTs.

Despite these initial concerns, this healthy skepticism and dedication to the XRPLā€™s well-being make me confident that the network can handle the long-term effects of NFTs at scale.

Whatā€™s Next and How To Start Building Today

We are excited about what lies ahead for this next chapter of the XRP Ledger. (Spoiler: even more libraries and enhancements to tokenizing assets on the XRP Ledger coming soon.) Through continuous iterating and collaboration, we can create the tipping point for mainstream blockchain adoption by unlocking real NFT utility.

On behalf of RippleX engineers and me personally, I want to thank the XRPL community for your work, patience and support in making native NFTs on the XRP Ledger a reality.

I invite and encourage you all to ask questions, learn and build applications, tooling and solutions that further enhance tokenization on the XRP Ledger. You can learn about NFTs onĀ YoutubeĀ orĀ get startedĀ on XRPL.org.

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BlackRock’s Fink pumps tokenization in annual letter

Larry Fink, CEO and Chairman of the worldā€™s largest asset managerĀ BlackRock, touched on three blockchain related topics in this yearā€™sĀ annual letter. The first part of his letter was about how private markets have been out of reach for most investors and BlackRock is in the process of changing that. For the same reason, the digital assets sector often sees private assets as low hanging fruit for tokenization, as illustrated in thisĀ State Street survey.

Later he moved on to tokenization, highlighting how fractionalization can democratize access. Finally he referenced Bitcoin. On the one hand, BlackRock manages the largest Bitcoin ETF. However, his concern is more about getting control over the United Statesā€™ government debt.

ā€œDecentralized finance is an extraordinary innovation. It makes markets faster, cheaper, and more transparent. Yet that same innovation could undermine Americaā€™s economic advantage if investors begin seeing Bitcoin as a safer bet than the dollar,ā€ he wrote.

He also shared that half of the demand for the Bitcoin ETF has been retail, and three quarters of those investors are new to iShares ETFs.

Private assets and tokenization

On the tokenization front, Mr Fink noted that the ā€œworldā€™s money moves through plumbing built when trading floors still shouted orders and fax machines felt revolutionary.ā€ He was less than complimentary about payments network SWIFT saying it was like routing emails through a post office. SWIFT currently dominates cross border payments, which are seen as a major real world use case for stablecoins. And itā€™s worth remembering that BlackRock looks after most of the reserve assets for the second largest stablecoin issuer, Circle.

He is bullish on tokenization because he sees it as democratizing access, shareholder voting and yield. The access is because tokenization enables fractionalization, lowering the barrier to entry. Even for relatively wealthy people, lower investment amounts will allow them to diversify their investment. Of course, people can vote already, but blockchain can potentially make it easier. He had one caveat about tokenization šŸ‘‰ the need for digital identity.

Despite BlackRock managing the largest Bitcoin ETF, there was a striking omission in Finkā€™s projections for the future of investing: cryptocurrency itself. While he outlined a shift from the traditional 60:40 split between stocks and bonds toward a 50:30:20 allocation (stocks, bonds, and private assets), cryptocurrency doesnā€™t fit neatly into any of these categories.

Fink acknowledged that 20% of investments already exist in private assets, currently accessible primarily to institutional investors. And he highlighted how BlackRock plans to democratize access to these investments, including infrastructure and real estate. Potentially, that could include tokenization. Yet the absence of cryptocurrency in this long-term investment framework is notable, given BlackRockā€™s current role as a crypto asset manager.

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Japanese banking giant SMBC plans Avalanche stablecoin – report

Sumitomo Mitsui Financial Group, the parent of Japanā€™s second largest bank SMBC, is planning to issue a stablecoin. Itā€™s collaborating with Ava Labs, the founder of the Avalanche blockchain, as well as Fireblocks, according to a report from theĀ Nikkei.

The bank will work with Japanese IT firm TIS and plans to conduct experiments in Q4 of this year or 2026 Q1, with a live issuance during the following year.

One of the primary use cases is to enable corporates to move money around the world instantly and 24/7, sidestepping Swift. While Swift payments should in theory be almost instant, in reality they tend to be delayed by foreign banks that have different opening hours and rely on the receiving bank crediting the recipient promptly. Additional intermediary banks are often involved, which are not necessary with stablecoins.

Other big US banks are already targeting this use case. JP Morgan has itsĀ Kinexys Digital PaymentsĀ (formerly JPM Coin), a blockchain based bank account. And Citi launched itsĀ Citi Token Services. Both use permissioned blockchains.

While Avalanche is a permissionless blockchain, it supports permissioned chains as subnets. For example, itsĀ Spruce testnetĀ has institutions as validators. Hence, it remains to be seen which path SMBC adopts.

SMBCā€™s other blockchain initiatives

Meanwhile, SMBC is also one of the backers ofĀ Progmat, the Japanese tokenization platform. It has a stablecoin issuance platform, Progmat Coin. SMBC joined the other big three Japanese banks, MUFG and Mizuho, in an ongoing stablecoin sandwich trial referred to asĀ Project Pax.

A stablecoin sandwich refers to a situation where a stablecoin sits at the heart of a transaction, but it may look like a normal payment to the sender and recipient. The three banks plan for their clients to make trade payments in the usual way, and to use Swift messages. However, stablecoins will replace correspondent banks.

Two years ago, our sources told us thatĀ SMBC had joined Partior, the cross border blockchain payment system co-founded by DBS, JP Morgan and Temasek. Partior combines a permissioned blockchain with correspondent banking, removing the typical delays and enabling instant cross border payments. SMBC has not yet confirmed it will participate in Partior. However, the other bank we reported simultaneously ā€“Ā Deutsche BankĀ ā€“ recently said it invested in Partior, highlighting the accuracy of the report.

Hence, SMBC is adopting a multipronged approach to speed up cross border payments using blockchain.

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