As the NFT market continues to grow rapidly, many big players are looking to it.
It’s been a while since Ethereum ruled the NFT market without any competition. But now those times seem to be fading. While some, including Crypto.com and Binance, have already launched their NFT platforms, some, including Ripple, are also trying to get their piece of the pie.
Ripple for NFTs:
Just a few days earlier, Ripple announced its investment in a growing NFT marketplace, Mintable, which recently raised $ 13 million in its Series A funding round, the XRPL. from RippleNet will integrate[Ripple’s digital ledger] to his network.
In the meantime, Ripple presented itself as an adequate option for NFT marketplaces to carry out transactions. Ripple found that XRPL could enable the NFT marketplace to conduct cheap, secure, and fast transactions in a sustainable manner.
The company claimed that while the network only charges $ 0.00004 per transaction, it is also carbon neutral. It claimed that the Ripple network uses only 790,000 kWh of energy per year compared to other similar networks that consume around 66 TWh of energy annually.
The co-founder of Ripple had previously claimed that the company only uses energy, which is the annual consumption of 12 US households.
Ripple betting on NFTs:
In their most recent statement, Ripple Executive; Monica Long stated that the “XRP Ledger is a natural addition to NFT enrollment property“And that’s what Ripple is betting on.
She also suggested that the Ripple is a path for NFT enthusiasts due to Ethereum’s high energy consumption and gas fee.
Although the crypto market went through a major slump this summer, the NFT market ended up doing pretty well. We’re still only halfway through 2021, and the market has already capitalized the $ 2.5 billion.