Ripple's Development Arm Launches NFT-Devnet

Bougalis also noted that developers could access all important functionalities related to non-fungible tokens, such as minting, trading, and burning. In addition, the NFT-Devnet supports advanced features, including automatic royalties; co-ownership is also incorporated into the platform. Automatic royalties allow more sophisticated royalty structures for creators while co-ownership amplifies access possibilities to assets.

While stating that the latest launch marks the beginning of RippleX’s proposal for NFT capabilities, Bougalis added, “We’re excited to bring our proposal for NFT capabilities to life on the NFT-Devnet, a test network with feature-functionality that will look exactly like the primary Devnet.”DappRadarNFT sales climbed to $11.6 billion in Q4 2021 alone. OpenSea emerged as the star performer with skyrocketing trading volumes. The industry’s explosive growth can be attributed to the entry of celebrities, brands, iconic auction houses, emergence of GameFi, venture capitalists’ foray as well Metaverse hype.

Beyond the initial hype, Modesta Masoit, DappRadar’s head of finance and research, believes companies engaging with NFTs have turned their focus on utility and integrated with other burgeoning territories of decentralized finance and gaming.

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