Is Xumm ready for NFTs?
It sure is! 🥳 🎉
The Xumm platform is fully capable of signing all XLS-20 NFT transactions.
What is an NFT exactly?
That is the million dollar question, isn't it?
Technically a non-fungible token (NFT) is an object on the XRP Ledger that can be uniquely identified but, practically, an NFT it can be used to represent almost anything.
So an NFT can be anything, a concert ticket, a picture, a song, proof of ownership, a license, a lease.
It is a unique identifier on the XRPL that points to an item off the XRPL.
This link provides an excellent conceptual view of NFTs:
Do I own the NFT?
If an NFT is in your XRPL account, then you own the NFT. However if the NFT represents "further" ownership of something beyond itself, for example a car, a painting, a song, etc., then your ownership of that object is dependent on the laws that govern you and it.
Can I view my NFT in Xumm?
While the XRP Ledger has an NFT standard, it does not have a metadata standard for NFTs yet.
When it comes to NFTs on the XRPL, metdata and file properties are important because they tell us specific things about the NFTs.
For example:
- Title
- File format
- Author
- Writer
- Music label
- Movie length
- Photo category
- Land registry coordinates
There are many types of metadata as well, including: legal metadata, statistical, reference, administrative and structural.
Until the XRPL community can agree on a set of metadata standards for NFTs, Xumm will rely on NFT minters to publish their own standards.
Furthermore, in order to view an NFT in Xumm, an NFT viewing xApp will need to be created. These xApps will allow users to interact with the minter's NFTs and will be able to customize their user experience to meet their customer's needs. We have made the process of creating a Xumm xApp extremely easy, so if your NFT provider does not have an NFT viewer in Xumm, reach out to them and encourage them to contact us.
Can I mint an NFT in Xumm?
Xumm does not have a way to compose an NFT minting transaction, but it will allow you to sign a minting transaction created by a third party. We feel that issuing an NFT should (and probably will) involve different steps and a different workflow based on what the NFT will represent, thus issuing NFTs is best left to people with the specific knowledge of their project. The good news is that there are many great 3rd party projects working in the NFT minting space, so we should see new and exciting xApps arrive for all kinds of different NFTs!
Can I sell an NFT in Xumm?
Xumm will rely on the XRPL community to develop and support curated NFT market places. Once these marketplaces are active, Xumm will allow you to sign a sell transaction for an NFT.
Just like minting a transaction, the sell transaction will have to be composed by those projects in the NFT space. If those projects allow you to provide the required info, persist the info, craft an identifier pointing towards that info, then compose a transaction to sell the NFT, Xumm will allow you to review and sign that transaction.
This link provides an great conceptual view of NFT transfers:
Can I transfer an NFT from another network to Xumm?
No. An NFT is an asset like any other from the perspective of the XRP Ledger Protocol (the rules all XRPL wallets must follow). Xumm only transacts in XRPL assets.
An NFT created on another blockchain cannot be sent to the XRP Ledger. (Similarly, an NFT that was created on the XRPL can not be sent to another blockchain.)
It is possible that an NFT minter or NFT market place will offer an exchange service allowing NFTs to be shared between various networks but that will be a feature that they offer and will not be related to Xumm.
I own an NFT that was created before XLS-20 was adopted. What should I do?
Prior to the adoption of the XLS-20 amendment, several projects created "NFTs" using various proprietary methods. Those companies decided to implement their own standards, so it is unclear if their 'NFT's' will be compatible with the new standard.
Since we have no way of knowing how their 'NFT's' were created, which specifications they adhered to or if they cut any corners in their minting process, we recommend that you contact the people who minted your NFT and see if they have a plan to ensure compatibility with the XLS-20 standard. It will be up to the NFT minter to provide support for their products.
Do I need to configure a Trust Line for an NFTs?
No.
Native NFTs on the XRPL do not require Trust Lines.
Some of the older, proprietary "NFTs" used Trust Lines though. If you have an "NFT" that requires a Trust Line, reach out to the company that created the NFT and see if they offfer assistance on how to proceed.
Is there a video which might help me understand NFTs a little better?
There is actually! Here is our founder, Wietse Wind talking a bit about NFT's.
Additional reading
Notes
We understand that you might have additional questions regarding this topic so you are welcome to contact us any time via the XUMM Support xApp in XUMM or you can simply scan this QR code with XUMM and be directed there automatically.
