The XRP Ledger, a decentralized public blockchain facilitating swift XRP transfers, is set to introduce a new feature centering on non-fungible tokens (NFTs).
This prospective feature forms part of XRP’s “amendments,” indicating proposed functionalities that undergo consensus scrutiny because of their impact on transaction processing within the XRP Ledger.
Currently, there are five amendments undergoing voting, with over 60 amendments having been approved since 2016.
The NFT-focused amendment currently under consideration is “fixNFTokenRemint,” designed to alter the methodology behind constructing NFT sequence numbers. The aim is to prevent the inadvertent minting of the same NFT with identical sequence numbers, thus mitigating potential collision scenarios.
The suggested solution involves the creation of a persistent AccountRoot field, labeled “FirstNFTSequence.” The sequence of a newly minted NFT would be computed as FirstNFTSequence + MintedNFTokens, with MintedNFTokens incrementing by 1.
While the feature is not yet enabled, it is approaching the 14-day activation countdown period. According to XRPscan data, it has garnered 28 votes out of 35, with an 85.71% positive consensus.
This represents a significant upcoming alteration on the XRP Ledger, following other major updates in the previous year. Notably, in 2022, “NonFungibleTokensV1_1” was approved, introducing native support for NFTs.
The XRPL has witnessed substantial upgrades and enhancements in recent months as developers strive to introduce new functionalities for the broader community.
Concurrently, significant progress has been observed for the native token, XRP. Notably, the Dubai Financial Services Authority has recently granted authorization for XRP to be used by licensed virtual asset firms operating within the Dubai International Financial Centre. This authorization allows these firms to integrate XRP into their virtual asset services.