What is the onXRP Launchpad?
Our launchpad promises to be a curator-first platform, designed to ensure a successful mint for projects, artists, and creators that come onto it. Projects that apply to the onXRP launchpad and are chosen to mint will obtain an onXRP verified profile after a successful KYC verification. Said projects will each have their own individual collection page and (if applicable) minting project page, where users/buyers may view the minted collection for the former and the minting process for the latter.
The onXRP NFT Launchpad is a premium feature for esteemed projects where creators can host a new mint from beginning to end. For launchpad projects, the onXRP team assists creators in navigating all pre-mint activities, including whitelists and other specific requests from the projects. Communication is key, and the team can discuss various customization options that can be tailored to the needs of each project.
If you’re a creator looking to mint your NFT on onXRP, you can submit an application to our Launchpad program.
Are you a creator or project aiming to launch NFTs on the XRPL, submit your application to onXRP here.
What is Minting?
Before diving into the technicalities of a launchpad, it is essential to understand the concept of minting. To mint an NFT is to convert digital data into crypto collections or digital assets which are recorded on a blockchain. The digital goods or files are stored in a distributed ledger or decentralized database and are impossible to edit, modify, or erase. You can read more about the types of NFTs here.
What is an NFT Launchpad?
Simply put, an NFT launchpad is a platform that assists with the minting and launch of NFT projects. One of the main benefits of using an NFT launchpad is that it can help creators reach a wider audience for their work. Launchpads often have established communities of collectors and interested buyers who are keen to acquire new NFTs. This can help generate buzz and create demand for new releases.
How are NFTs Different on the XRPL?
While other blockchains already have an NFT standard in place (think of Ethereum’s ERC721 for singular NFTs or ERC-1155 for multiple NFTs) the XRPL NFT standard called XLS-20 has not yet been commissioned. Consequently, there are currently no launchpads that offer the possibility to mint XRPL NFTs without relying on the older and more outdated XLS-14d. This standard is significantly limited and as such, many projects have decided to wait for the newer protocol to launch their series.
However, to circumvent the waiting game, XRPL NFT projects launched a using a customized IOU (or ‘I owe you’) redeemable token that ultimately allowed creators to establish a project and acquire liquidity before the release of the newer and more refined XLS-20 technology. This can be seen as a sort of prolonged tokenized whitelisting process, where individuals all over the world can purchase IOUs at any time on selected XRPL (decentralized) exchanges before the series is fully minted. The redeemable nature of these IOUs would imply that the tokens are only interchangeable (and burned) for an NFT once the new amendment has been commissioned. As such, launchpads like onXRP’s will be deployed across the XRPL to support creators and further innovation across the ecosystem.
What is the Difference Between a Secondary Market and a Launchpad?
As previously said, a launchpad is a place where creators can mint their NFT series or artworks without the hassle of setting up their own minting page. A secondary market, on the other hand, is where NFT resellers engage with buyers to sell already-minted NFTs. Contrary to popular belief, a series minting on the onXRP launchpad does not necessarily need to be fully minted to appear on the secondary market. In fact, as soon as the series in question mints 1 NFT through onXRP, a secondary market project page will be created and dedicated to the collection.