XRP Ledger May Get New NFT Standard Just Months After Accepting Previous One, Here's Why
TL;DR The XRPL-35d proposal suggests introducing a lightweight alternative to the existing NFT format. This new standard, called URIToken, is aimed at reducing complexity and improving understanding of NFTs, while also eliminating royalties, brokers, and buy and sell offers. It remains to be seen whether this proposal will be accepted in the main network or if it is too late for that.
Lightweight NFTs may appear on XRP Ledger if this proposal is accepted
Almost three months after the introduction of the XLS-20 standard, which brought the NFT revolution to XRP Ledger, a new proposal was put forward expressing dissatisfaction with it and suggesting improvements to non-fungible tokens.
What is new XRPL proposal about?
According to the XLS-35d proposal, a lighter alternative has been introduced to the existing NFT format, called URIToken. The main reason for dissatisfaction with XLS-20 is said to be complexity, a general lack of understanding and a lack of first-class NFT objects.
Without going into the technical details, which can be found here, we can say that the lightweight nature of the proposed standard can be explained by the absence of royalties for NFT creators, the lack of brokers, and buy and sell offers for NFTs and the new reserve-charging scheme. In this case, offers will be collected by a centralized marketplace.
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In this way, NFTs are relieved of most of their characteristics, and the XRP Ledger itself is scrubbed of a lot of heavy metadata. Nevertheless, as one XRPL contributor points out, such an abrupt change may be too late for the main network but is an interesting one for the sidechain.
According to XRPL Services, there are currently 705,719 NFTs in the system, of which 104,201 are offered on the market, with a combined NFT niche of 3.14% of the total XRP Ledger size.