XRP Ledger’s Game-Changing Update for NFTs: What’s New
The XRP Ledger has enabled a brand new replace for NFTs because the “fixNFTokenRemint modification” is now energetic on the mainnet.
That is the second modification to be activated in days; the fixReducedOffersV1 modification was activated on the mainnet over the weekend.
The “fixNFTokenRemint” modification provides a brand new discipline, FirstNFTSequence, to forestall reminting. That is accomplished by altering the way in which NFT sequence numbers are generated to forestall the identical NFT from being minted greater than as soon as with the identical sequence quantity, probably leading to a collision situation.
The replace modifies the NFT sequence quantity building to provide a brand new AccountRoot discipline, FirstNFTSequence, which stays fixed throughout time. When the account points its preliminary NFT, this variable is ready to the present account sequence. In any other case, nothing is ready.
The change additionally provides a brand new account deletion restriction. An NFT would possibly nonetheless be reminted beneath sure circumstances if this restriction doesn’t apply.
It is a break for purposes and instruments that depend on regionally computed NFTokenIDs for minted tokens. To mirror the brand new formulation, the code used to calculate NFTokenIDs should be up to date.
According to enacting NFT modifications, a brand new spec “0051 XLS-51d: NFToken Escrows,” which proposes a minor change to accommodate NFT escrows, was proposed earlier in November. That is since XRP Ledger at the moment solely helps escrows for a single token: XRP.
XLS-20 standardized NFTs in October 2022, introducing advantages equivalent to royalties and anti-spam options to allow customers to keep away from undesirable tokens whereas remaining compliant.
Because the launch of XLS-20, Bithomp information present that 4,871,462 NFTs have been minted. A complete of 4,507,596 NFTs are at the moment held by 31,468 accounts. A complete of 1,477,441 NFTs have been transferred or bought, with 363,866 being burned.
