Ripple: NFTs on XRP Ledger (XRPL) Delayed Over New Bug

NFTs on the XRP Ledger will have to wait as a new bug was discovered ahead of the eagerly awaited launch.
With the NFT trend steadily rising, investors expect their introduction to the XRP Ledger to have a major impact on its adoption.

Earlier today, xTokenize confirmed that they have identified a bug on the XRP Ledger (XRPL). More specifically, on its capability to mint NFTs. According to the project, this bug could lead to maxing out a minters XRP reserve.

Over the past few days, we have conceptualized and tested an exploit on #XLS20d #NFTs that were minted using the Trustline flag with a TransferFee > 0.

🧵https://t.co/w2POv8unPX

— X-Tokenize (@xTokenize) September 12, 2022

Previously, developers believed that such an attack would be too expensive to undertake. However, after vigorous tests by the xTokenize team, the results showed that the attacker would only need to pay transaction fees.

For a while now, the XRP community has known that NFTs are coming to the XRP Ledger following its confirmation by Ripple executives a couple of weeks ago. But now this process might have hit a snag. In a thread, the xTokenize project explained how an attacker might take advantage of the bug to bring chaos.

The attack played out as follows:
1) An attacker would acquire the vulnerable NFT on an Account A and create an offer to sell it to Account B for some currency issued by Account C.

— X-Tokenize (@xTokenize) September 12, 2022

The XRP Ledger offers fast transactions and cheap transaction fees compared to a majority of blockchains. As such, the introduction of NFTs on the ledger will attract mainstream adoption by both retailers and institutions. In particular, Ripple is known to make exclusive deals with major companies, and with many joining the NFT space, the XRP Ledger could become a favorite for these institutions.