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.
Artwork by Milad Fakurian
Although customized IOU tokens are presently the standard for NFT projects, onXRP will allow any project to define minting prices in OXP, XRP, or the equivalent IOU tokens. For projects that want to mint through the Launchpad, onXRP will additionally provide a Marketing Package. This bundle will include the following:
- Leveraging the platform’s Pastel integration (once Pastel goes live).
- A high degree of social media coverage (leveraging our socials for your own announcements).
- Specially catered project articles posted on the onXRP Telegraph with Twitter coverage.
- A project podcast hosted by Lee, a renowned XRPL community member, which will be posted on onXRP TV with additional Twitter coverage.
- A spotlight on the onXRP NFT Marketplace (think of being added to the hot collections amongst other top-rated projects).
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?
An NFT Launchpad is a platform that significantly facilitates the minting and/or launching of NFTs on the blockchain in question. In the traditional sense, creators can use NFT Launchpads to gather cash for their NFT projects, launch them, as well as advertise them more efficiently to the broader public. This is often referred to as the whitelisting process and is the norm on most blockchains. Think of these as akin to IDOs, except they are designed exclusively for NFTs. On the XRPL, however, things operate in a slightly different manner.
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 creator. This is of course due to the IOU standard found on the XRPL, which has never occurred before on any other blockchain.