As people explore the boundaries of the NFT landscape, they become more susceptible to potential issues and mishaps. The XRP Ledger (XRPL) is an efficient network for non-fungible token activity. However, there are some things users should consider and be aware of.
XLS20 Isn’t A Perfect Solution
For most networks, trading NFTs is as simple as sending a transaction. Non-fungible tokens are digital blockchain assets that can be sent to another wallet on the same chain. However, things work a bit differently with XRPL. If the NFTs carry buy offers, the recipient would best cancel all these offers. That may seem like a strange requirement, but there is a method to the madness.
The XLS20 broker model, which is used for non-fungible tokens, has a known issue. More specifically, sales can be brokered regardless of the broker being set in the destination.
As such, the person buying the NFT through a regular transfer will be in destination of the sell offer. Thankfully, it is easy to remove these open offers through Xumm’s xApp, or NFT marketplaces like XRP.Cafe and onXRP.com.
A fix for this lingering XLS20 issue is expected to be released shortly.
Don’t Get Brokered By Accident
As Vet points out, there is another curious issue with XRPL NFT trading. NFT owners can get brokered if they accidentally connect buy and sell offers. More specifically, users can broker multiple offers from the same account.
That means you can have a sell offer for an NFT and a buy offer for the same NFT. A third party can broker both offers without transferring the NFT. A very problematic scenario that has happened before, although it remains a very uncommon issue.
Using XRPL To Trade NFTs Gains Traction
NFTs on XRPL has been booming lately. There is a healthy increase in non-fungible tokens, bringing the total to over 728,000. Moreover, the number of daily exchanges – buying, selling, and trading – often combines for over 2,000 daily transactions.
Like on other networks, the average price per NFT fluctuates wildly. For example, yesterday’s average was 30.59 XRP per asset, whereas trades went as high as 134 XRP in late January 2023.
Overall, many people enjoy trading NFTs on XRPL. However, it remains a very small market compared to other networks like Ethereum or Tron.
The post Things To Watch Out For When Trading NFTs On XRPL appeared first on CryptoMode.
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