XRPL Collectibles Glossary

Definition

A creator royalty — implemented as a TransferFee in XRPL's NFToken standard — is an optional mechanism allowing the original issuer to receive a portion of proceeds when their NFT is resold. The fee is set at minting time and expressed in basis points.

XRPL Context

The XRPL NFToken TransferFee can range from 0 to 50000 basis points (0%–50%). Enforcement depends on marketplace and platform support for the parameter.

Definition

A digital collectible is a digital item — which may or may not use NFT technology — that is acquired and held for its cultural significance, creative value, practical utility, or sentimental meaning. The term describes how an asset is used or perceived rather than its technical format.

XRPL Context

On the XRP Ledger, digital collectibles are typically implemented as NFTokens. The collectible character of an NFT is defined by the creator's intent and the community's perception, not the technical standard alone.

Definition

Digital ownership refers to possessing a digital asset that is verifiably yours — recorded on a public ledger, associated with your wallet, and transferable at your discretion. It is distinct from merely accessing digital content through a platform or subscription.

XRPL Context

On the XRP Ledger, digital ownership is established through wallet association. The wallet holding an NFToken is recognized as its owner on the public ledger.

Definition

The issuer is the XRP Ledger account that submitted the NFTokenMint transaction creating a specific NFT. The issuer's account address is permanently encoded in the NFToken ID, providing immutable attribution. The issuer may also receive transfer fees on secondary sales.

XRPL Context

Issuer attribution is a built-in feature of XRPL NFTs — the issuer account cannot be changed or obscured after minting. This makes creator verification straightforward for tokens on the XRP Ledger.

Definition

NFT stands for non-fungible token. "Non-fungible" means the token is unique and not interchangeable with other tokens — unlike currencies where one unit equals another. NFTs are used to represent ownership of unique digital items including artwork, music, memberships, and other assets.

XRPL Context

On the XRP Ledger, NFTs are implemented through the NFToken standard. Each NFToken has a unique 256-bit identifier and is associated with an issuing account.

Definition

NFToken is the name used in XRP Ledger documentation for the specific ledger object representing a non-fungible token. The NFToken's unique identifier encodes information about the issuer, flags, transfer fee, taxon, and sequence number.

XRPL Context

NFTokens are stored within NFTokenPage objects — special ledger entries that can hold up to 32 NFTokens each. Multiple pages can exist per account as a collection grows.

Definition

Minting refers to the act of creating a new NFToken on the XRP Ledger by submitting an NFTokenMint transaction. The transaction specifies parameters including the metadata URI, transfer fee, and flags. Once confirmed, the NFToken is permanently recorded on the ledger.

XRPL Context

The NFTokenMint transaction requires the submitting account to hold sufficient XRP for the reserve requirement associated with new NFTokenPage objects if needed.

Definition

NFT metadata is structured data describing the properties of an NFT — typically stored off-chain as a JSON file and referenced by a URI embedded in the NFToken. Metadata commonly includes name, description, image URL, and custom attributes.

XRPL Context

The XRP Ledger stores only the metadata URI within the NFToken itself. The actual metadata content is off-chain. If the URI becomes inaccessible, the metadata may be permanently lost — making storage choice a significant consideration.

Definition

An NFT marketplace is a platform or application that facilitates the discovery and exchange of non-fungible tokens. Marketplaces typically display NFT listings, enable offers to be created and accepted, and provide interfaces for browsing collections.

XRPL Context

XRPL NFT marketplaces interact with the ledger's NFTokenOffer mechanics. Buyers and sellers create and accept offers through the marketplace interface, with the actual transfer recorded on-chain.

Definition

Provenance refers to the documented history of an item — who created it, who has owned it, and how it has been transferred. For physical collectibles, provenance is often documented through certificates and records. For XRPL NFTs, provenance is recorded on-chain from the moment of minting.

XRPL Context

The XRP Ledger provides a permanent, publicly queryable record of every NFToken's minting and subsequent transfers. This on-chain provenance is a key characteristic of digital collectibles.

Definition

Scarcity in digital collectibles refers to the intentional limitation of supply — issuing only a defined number of editions of a digital item. Unlike physical scarcity, digital scarcity must be enforced through the minting process rather than physical production limits.

XRPL Context

On the XRP Ledger, scarcity is defined by the number of NFTokens minted by an issuer for a specific item. The on-chain record provides a verifiable count of editions in existence.

Definition

The secondary market refers to transactions in which NFTs are bought and sold between parties other than the original issuer. Secondary market activity occurs after the primary sale by the creator. Creator royalties (TransferFee) may apply to secondary market transactions.

XRPL Context

Secondary market transactions on the XRP Ledger use NFTokenOffer mechanics — a prospective buyer or current holder creates an offer, which the other party accepts to complete the transfer.

Definition

Tokenization is the process of creating a digital representation of an asset — physical or digital — on a blockchain. In the context of NFTs, tokenization typically refers to associating a unique blockchain token with a specific piece of content, property, or rights.

XRPL Context

The XRP Ledger supports tokenization of digital assets through its NFToken standard and issued token functionality. Physical asset tokenization involves additional legal and custodial considerations beyond the blockchain record.

Definition

In the context of the XRP Ledger, a wallet is a cryptographic account identified by a public address and controlled by a private key. Wallets hold XRP, issued tokens, and NFTs. The private key proves ownership and authorizes transactions.

XRPL Context

XRP Ledger wallets require a minimum XRP reserve to be activated. NFTs held in a wallet are stored in associated NFTokenPage ledger objects.

Definition

XRP is the native digital asset of the XRP Ledger blockchain. It is used primarily to pay transaction fees on the ledger and can serve as a bridge currency in cross-currency transactions. XRP is distinct from XRPL — XRP is the asset, XRPL is the protocol.

XRPL Context

Every XRP Ledger account must hold a minimum reserve of XRP. Transaction fees on the ledger are paid in XRP and are destroyed (not collected by any party) upon processing.

Definition

XRPL stands for XRP Ledger. It is a decentralized, open-source blockchain protocol designed for fast, low-cost digital asset transactions. The XRP Ledger was created by Ripple Labs but operates independently as a public, permissionless network maintained by a distributed set of validators.

XRPL Context

The XRP Ledger supports multiple asset types including XRP (native), issued tokens, and NFTs through the NFToken standard. The ledger settles transactions in approximately 3–5 seconds.

Definition

The XRP Ledger is a public, decentralized blockchain protocol that processes and records transactions across a distributed network of validators. It is the technical infrastructure on which XRPL NFTs and digital collectibles are created, owned, and transferred.

XRPL Context

The XRP Ledger's NFToken standard enables native non-fungible token functionality without requiring separate smart contract infrastructure.

Definition

An XRPL NFT is specifically a non-fungible token created and recorded on the XRP Ledger using the NFToken protocol standard. It is distinct from NFTs on other blockchains in that it uses native XRP Ledger transaction types rather than smart contracts.

XRPL Context

XRPL NFTs are stored in NFTokenPage objects associated with wallet accounts. They can carry metadata URIs, issuer-defined taxons, transfer fees, and various flags controlling behavior.