After its proposal last year, Ripple finally announced development of the XLS-20 token. In a April 3rd tweet Ripple announced:
We developed a new standard, XLS-20, to help developers build more advanced and innovative NFT applications on the XRPL.
XLS-20 is a standard that will enable users to develop NFT applications on XRP Ledger. It will equip XRPL with tools required to build multi-purpose NFT applications. At the moment, XRPL already has XLS-20d, a built-in native token with NFT functionalities, integrated into it.
Though the initial application build on XRPL mostly revolved around use cases e.g. avatars, art and collectibles, with the passing of time more and more real-world applications have started to emerge.
While XRPL currently offers NFT-Devnet, a pilot creator platform, it plans to come up with a more advanced and innovative NFT platform to facilitate development of more complex NFT applications.
In a recent statement Ripple noted that as the technology improves more real-world applications aimed at serving the community will start to emerge.
Ripple stated, the sectors that will have the most impact are Media & Entertainment, real estate, and carbon credits. Ripple also disclosed that it plans to offer further tokenization possibilities as the people continue to build on NFT-Devnet.
Notably, a few months ago Ripple announced a $250 million creator fund, aimed at facilitating creators building on XRPL. According to Ripple, the firm received over 4,000 applications from creators belonging to a wide range of sectors e.g. art/collectibles, music/entertainment, gaming/Metaverses, xPunks, Justin Bua, and Steven Sebring.
Over the years the NFT market has seen tremendous growth. With companies and people from different sectors stepping into the market.