💡Understanding NFT settings

Explains the various NFT Settings

NFTs on the XRPL (XRP Ledger) come with various built-in settings that can be configured to suit your preferences. These settings allow you to customize the behavior and characteristics of your NFTs. Let's explore each setting in detail:

Transferable:

By default, NFTs on the XRPL are not transferable from one owner to another. However, you have the option to enable transferability for your NFTs. This means that you can allow your NFTs to be bought, sold, and transferred between different owners. Enabling transferability opens up possibilities for secondary market transactions and ownership transfers.

Tx Flag	Hex Value	Decimal Value
tfTransferable	0x00000008	8

TransferFee:

If you choose to make your NFTs transferable, XRPL NFTs come with built-in royalty mechanics known as the "Transfer Fee." This feature allows you to set royalties on all secondary sales of your NFTs. You can specify a percentage, up to 50%, to be collected as royalties whenever your NFTs are resold in the secondary market. This provides an opportunity for ongoing revenue generation as your NFTs change hands.

TransferFee ranges from 0-50000 allowing for precision of up to 3 decimal places.

i.e. Entering a transfer fee of 7.62% would be converted to 7620 when the tx is created

Tx Field	Minimum Value	Maximum Value
TransferFee	0	50

OnlyXRP:

XRPL NFTs offer the option to restrict trading of your NFTs to only be conducted in the native currency of the XRPL, which is $XRP. Enabling this restriction means that your NFTs can only be traded using $XRP, ensuring a standardized currency for transactions.

If you decide not to enable this restriction, you will still need to set up a trustline in the minting account for NFTs to be traded in any other currency.

Tx Flag	Hex Value	Decimal Value
tfOnlyXRP	0x00000002	2

Burnable:

NFTs on the XRPL have an option to be burnable. This feature allows the minter (you) to permanently remove NFTs from circulation by burning them even if they are not in your possession.

It's important to note that burning NFTs is not recommended unless you have a specific need for it, as it permanently enables the destruction of the associated digital asset.

Tx Flag	Hex Value	Decimal Value
tfBurnable	0x00000001	1

Token Taxon:

Token taxon's are a numerical value that can be used to identify specific collections of NFTs or NFT types and purposes. This feature allows you to categorize and differentiate different sets of NFTs based on their characteristics or purpose. By assigning a token taxon to your NFT collection, you can easily distinguish it from other collections and provide a meaningful classification for your NFTs.

Tx Field	Minimum Value	Maximum Value
NFTokenTaxon	0	2147483648

Summary:

These XRPL NFT settings provide you with a range of customization options to shape the behavior, trading mechanisms, and categorization of your NFTs on the XRPL. By leveraging these settings, you can tailor your NFTs to align with your desired use cases and create a unique and engaging NFT experience for collectors and enthusiasts.