Ripple team introduced XLS-20 new standards to push the innovation and more development works on XRP ledger-based NFTs applications.
Ripple is a San Francisco-based Fintech firm, which is popular for its blockchain technology-based payment solutions globally. Right now Ripple has hands among many government and non-government agencies to support blockchain-based works like Central Bank and Digital Currency (CBDCs) in association with the use of its resources and past experiences that the company collected in past from the crypto & blockchain industry.
Recently Ripple announced its new XLS-20 standard to support the developers technically to “build more advanced and innovative NFT applications” on XRP Ledger.
According to the announcement by “XRP Ledger Foundation”, the newly developed standard will also include the XRP ledger support to create multi-feature NFTs applications, to bring better use cases of NFTs.
This XLS-20 new standard was launched after a month after the initial announcement by the Ripple $250 million fund launch to boost the ecosystem of the XRP ledger to help the NFTs interested players to create & monetize NFTs.
Interestingly, “Ripple Creator Fund” already collected around 4,000 applications, which are interested to work on NFTs related projects and also bringing new use cases, which include blockchain gaming, and Metaverse Digital artwork-related work.
Ripple vs SEC
However, Ripple is working with its all subsidiary toward the expansion of its services globally but right now company is under a huge legal hurdle because of the lawsuit filed by the US securities and exchange commission (SEC).
In December 2020, the SEC agency filed a lawsuit against Ripple and claimed that the native token of Ripple (XRP) is security, which is unregistered with the SEC agency, also Ripple sold more than $1 billion worth of XRP unregistered securities publicly, which was another violation of the laws.
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