There is never a dull day in the world of blockchain and cryptocurrency. Even though Ripple is still engaged in a lawsuit with the SEC, it appears the company is exploring new options. Bringing NFTs to the XRP Ledger is an intriguing development and a far more affordable one than other ecosystems.
NFTs On The XRP Ledger
As numerous blockchains currently compete for traction in the NFT space, it is only normal to see some unexpected entrants throw their hat in the ring. Until a few days ago, no one would have expected Ripple to pay much attention to this new market segment. Today, that situation is slightly different, as Ripple Labs intends to make the minting of Non-Fungible Tokens on the XRP Ledger cheaper and more accessible.
Given the current popularity of NFTs, it is normal to see all blockchains cater to this trend while it remains appealing to do so. There are certain aspects of minting NFTs and their associated transaction costs that leave room for some competition. Recent concerns over carbon emissions on popular blockchains such as Bitcoin and Ethereum pave the way for cheaper alternatives to gain momentum.
Whether the XRP LedgerRipple Lwill be a compelling option to mint and trade NFTs remains unclear. Its lower transaction and minting costs can certainly work in its favor. The XRP ledger will integrate NFT marketplaces to provide cost-efficiency to both buyers and sellers globally. Furthermore, XRPL’s consensus process makes the network 120,000 times more efficient than proof-of-work networks like Ethereum.
Providing a cheaper alternative to NFT minting and trading will always prove worthwhile. No one enjoys paying upward of $10 to complete such transactions on Ethereum or other networks. Although other competing networks have emerged- including the likes of Tezos – more competition will help the industry thrive and evolve.
Some Positive XRP News
The focus on NFTs on the XRP Ledger offers a bit of positive news for Ripple enthusiasts and XRP holders. As the company remains engaged in its lawsuit with the SEC, it is essential to keep evolving and pushing the boundaries. Nothing prevents Ripple – or Ripple Labs – from exploring new opportunities for the XRP Ledger while this lawsuit continues.
Another development worth keeping an eye on is the launch of a new private ledger for central banks. Financial institutions exploring CBDC options can tap into this ledger to develop, issue, and manage flexible digital currencies. This will bring less attention to the XRP Ledger in that regard, although it will continue to power the XRP network. It is unclear if both ledgers will connect to one another in some capacity.
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