Ripple Developers Plan to Add Support For NFTs on the XRP Ledger (XRPL)
- Ripple is planning to bring non-fungible (NFTs) to the XRP Ledger to reduce gas costs and improve efficiency while minting.
Over the past six months, the NFT world has witnessed superficial growth in value and retail adoption as mainstream media, athletes, superstars, and other professionals embrace them. However, the hype has slowly died down in the past few weeks as users find it impossible to transfer and purchase digital collections due to high fees.
In a statement earlier on Tuesday, Ripple aims to solve these problems via integrating NFT marketplaces on its ‘fast and efficient’ XRP Ledger. This integration is poised to offer NFT users and collectors a better experience while broadening the tokenization of assets. XRP Ledger is touted for its speedy transactions, efficiency, and low cost, which means they will have a seamless experience while transferring and storing NFTs on the platform.
Over the past few months, Ethereum has faced crypto-wide criticism for its skyrocketing gas prices, making it impossible for small NFT holders to move or sell their collection. For a simple transfer, users could pay hundreds of dollars to complete the transaction, hence the XRP Ledger's need, the blog post reads.
Moreover, the post boasts of the green energy advantages XRP Ledger will offer over proof-of-work blockchains minting NFTs. It reads,
“Because the XRPL uses a novel consensus process for validating transactions, it consumes negligible amounts of energy and is 120,000x more efficient than proof-of-work networks.”
The crypto world has heavily debated the sustainable mining by PoW blockchains since the Elon Musk tweet disregarding Bitcoin mining using coal.
Ripple CEO accused of orchestrating Bitcoin FUD
Ripple’s CEO, Brad GarlingHouse, has recently talked about the energy use by blockchains, praising Elon Musk’s efforts to reduce coal usage in Bitcoin mining. He faced the wrath of the crypto community as Coinshares CSO Meltem Demirors accused him of orchestrating Bitcoin energy use FUD to better XRP’s chances over Bitcoin.
However, Garlinghouse stated the accusations as “flattering,” stating,
“It’s beyond flattering that you think Ripple is the puppet master behind Elon Musk, countless scientists, governments, crypto enthusiasts, and others who have stated the facts about BTC’s energy use.”