NFT (non-fungible token) minting on the XRP Ledger is just around the corner, according to Ripple’s Q3 market report. Now, Ripple developers proposed native NFT support on the network back in Q1 of 2022. The aim was to give developers access to non-fungible token minting, trading, and burning functionalities.
However, a bug was discovered that can potentially be used by ill-intended players “to perform a denial-of-service attack on NFT issuers.” Thus, developers withdrew their votes. Instead, a new proposal to remove the mechanism which caused the bug to appear was presented. As per the report, the new proposal has over 80% votes, more than the number needed for its implementation. The community expected the proposal to go live in Q4 of this year, which is upon us already.
Additionally, the report shed light on the second wave of recipients of Ripple’s Creator Fund. The Creator Fund is a $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 timed the next wave of recipients perfectly.
The XRP Ledger is already home to the Balmain Thread, an NFT project by the french Fashion giant. The Balmain Thread is the company’s take on “The Club,” the membership, loyalty, and rewards program from mintNFT. Members will have access to both physical and virtual events, awards, community voting rights, and more as a part of this community.
Will the NFT markets make a rebound any time soon?
The NFT hype of 2021 was unlike anything that came before. However, the hype eventually fizzled out in early 2022. Art pieces that were worth hundreds of thousands of dollars, were suddenly worth pennies. Popular internet personality, Logan Paul, took one of the heaviest losses in the industry when his near $600K NFT dropped in value to $10.
However, the use cases of non-fungibles are yet to be fully explored. Apart from protecting copyrights, the technology can have many daily use cases. However, as an investment, the space will likely take a while to pull out of its slump.
One report stated that NFTs would push the move into the metaverse, which is already making big strides. Once a virtual environment is settled upon, NFTs could make a big comeback. Moreover, the non-fungible space is following the general crypto bear market. Once the market is back on its feet, NFTs might just rebound to their previous highs.