The NFTs and their impact on the XRPL
Many of you have certainly heard of NFT, which has become very popular recently; but for those who don’t, NFT stands for Non-Fungible Token. And what is it exactly, you may wonder?
Non-fungible implies that it is unique and cannot be replaced with something else. To put it in another way, we may use an NFT token to represent ownership of unique items, such as digital art, collectibles, or even real estate. They can only have an owner at a time and it will be registered in this case in the XRPL. No one can modify the ownership or copy/paste a new NFT in existence. Every NFT will have a value, this value will be given by the market similar to an auction when bidding for a piece of art.
The biggest advantage of the XRPL is the low energy consumption as it works under consensus and mining is not involved. This helps to have smoother and fee-friendly transactions.
There are a few projects where you can already mint your own NFTs and exchange them for other tokens. https://sologenic.org/nfts/marketplace is an excellent place to start.
We would like to collaborate with NFTs in the future. Once our marketplace is up and running, we will seriously evaluate this.
