Payment platform Ripple has created a new standard dubbed XLS-20 for developers seeking to deploy NFT applications atop XRP Ledger.
XLS-20 standard will provide XRP Ledger with the tools from multi-purpose applications and enhance XLS-20d standard, which has created native token functionalities.
The announcement follows a $250 million fund recently launched by Ripple to support the deployment and monetization of NFTs on the XRP Ledger.
The fund has reportedly attracted 4,000 applications to NFT-centered projects around gaming, metaverse space, and digital arts and collectibles.
The XRP Ledger currently offers an NFT-Devnet ecosystem, and the company is working to provide more tokenization functionalities for those building on it.
Ripple allocated 1 billion XRP to strengthen the advancement of the XRP Ledger in 2021, with the funds geared to financial and technical support in developer programs.
The 1 billion tokens will reportedly be distributed in the next 10 to 20 years to enable developers to extend their applications to the firms hosted on the XRP Ledger.