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NFT’s Soon to Be a Part of Ripple Labs, Hints CTO David Schwartz!

David Schwartz has emerged with a proposal for enforcing the authorization of non-fungible tokens (NFTs) on the XRP Ledger (XRPL) that does not need altering the code for the XRPL.

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Ripple chief technology says that the San Francisco payments firm is finding ways to bring non-fungible tokens (NFTs) to the XRP Ledger.

In an exclusive interview with thinking crypto  Schwartz remarks that he himself has been attracted towards two specific ideas regarding NFTs and the void they have been filling in the digital world.

The additional element of NFTs that interests Schwartz is the concept of digital rights. Schwartz points out that everyone nowadays has “bundles of digital rights” in the form of items like songs on iTunes, eBooks on Kindles, and movies on streaming platforms. But he also says that the existing users’ understanding of those digital rights is “absolutely awful” due to the dynamic marketplace.

Schwartz is curious if NFTs are a “walk in the right path” to coming up with a long-term remedy for digital rights.

Ripple CTOs views read as,

If you look at NBA Top Shot, which is a great NFT project — they have a fantastic user experience, but the important thing there is like I have a relationship with something that means something to me that nobody else has. I don’t know exactly what that relationship is — like I sort of own it — but it doesn’t matter. What matters to me is that I love LeBron James or Steph Curry or whoever, and I have a special relationship to [them] that nobody else has.”

Last month Wietse Wind also announced his plans to add NFTs to the XRPL. He expressed that NFT trades on the XRP ledger will work differently from those on other blockchains such as Ethereum. He says users can just receive specific tokens from different users if they opt by approving a TrustSet transaction that lists the issuer’s account and the token code to trust.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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