The Latest Update to the XRP Ledger for NFTs: What’s Changed?
XRP Ledger Introduces NFT Update with “fixNFTokenRemint” Amendment
The XRP Ledger has introduced a new update for non-fungible tokens (NFTs) as the “fixNFTokenRemint” amendment becomes active on the mainnet. This recent development comes shortly after the activation of the fixReducedOffersV1 amendment over the weekend.
Preventing NFT Reminting
The “fixNFTokenRemint” amendment aims to prevent the reminting of NFTs by adding a new field, FirstNFTSequence. This alteration changes the way NFT sequence numbers are generated, ensuring that the same NFT cannot be minted more than once with the same sequence number, thus avoiding potential collision scenarios.
Modifying NFT Sequence Number Construction
The update also modifies the NFT sequence number construction to produce a new AccountRoot field, FirstNFTSequence, which remains constant over time. When an account issues its initial NFT, the variable is set to the current account sequence. Otherwise, it remains unset. Additionally, the amendment adds a new account deletion restriction to further prevent NFT reminting under certain conditions.
Impact on Applications and Tools
It is important to note that this update will have implications for applications and tools that rely on locally computed NFTokenIDs for minted tokens. The code used to calculate NFTokenIDs must be updated to reflect the new formula.
Expanding Support for NFT Escrows
In addition to the recent NFT amendments, a new specification, “0051 XLS-51d: NFToken Escrows,” has been proposed to accommodate NFT escrows. This proposal seeks to address the limitation of XRP Ledger in supporting escrows only for a single token, XRP.
Growth in NFT Usage on XRP Ledger
Since the standardization of NFTs with XLS-20 in October 2022, the XRP Ledger has seen significant growth in NFT usage. According to Bithomp records, a total of 4,871,462 NFTs have been minted, with 4,507,596 NFTs currently held across 31,468 accounts. Additionally, 1,477,441 NFTs have been transferred or sold, while 363,866 have been burned.
Looking Ahead
The activation of the “fixNFTokenRemint” amendment reflects the XRP Ledger’s commitment to continuous improvement and innovation in the NFT space. With ongoing developments and proposals, the XRP Ledger is poised to further enhance its support for NFTs and address the evolving needs of its users.
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