Fintech firm Ripple is expanding its presence in the crypto scene by developing a new standard which’ll allow for complex NFT applications to exist on $XRP Ledger. To support this endeavour, the French non-profit has been delving into other areas of development which will enhance its proficiencies across multiple fronts.
The new standard is called XLS-20, which, according to the firm, will help “developers build a more advanced and innovative NFT application”. The initiative will also include the onboarding of multi-purpose applications, as well as the enhancement of its XLS-20d standard which has a built-in native token functionality.
The launch comes in wake of the company making multiple big-money philanthropic moves, which, perhaps most notably, includes the establishment of a $250 million Creator Fund for those wanting to create and monetise innovative NFT experiences on the XRP Ledger. As of now, the fund has already received 4,000 applications for projects centred around NFTs, which collectively delve into realms such as the metaverse, gaming, digital collectibles and crypto art.
In addition, the company also committed 1 billion XRP to a XRPL Grants program, which was set up with the aim of accelerating financial technical and business development on the XRP Ledger over the next 20 years.