A
A

David Schwartz: Ripple (XRP) will challenge Ethereum (ETH) in the NFT field

Sun 07 Nov 2021 ▪ 18h24 ▪ 3 min read — by James Taylor

The non-fungible token (NFT) market has achieved worldwide notoriety thanks to some crazy deals like, for instance, doodles of stones selling for millions of dollars. As a result, this field has managed to win over many crypto investors and enthusiasts, attracted by the idea of tokens that cannot be forged.

Ethereum Continues to Dominate the NFT Market

At the same time, according to many experts, the NFT market has just begun to develop, since the technologies underlying it are constantly evolving.

It’s worth noting that initially, the NFT market was exclusively Ethereum-based, and people only started trying to implement this technology with other cryptos after the NFT marked had stirred up the entire crypto community.

David Schwartz Announces the launch of Ripple in the NFT Industry

As of this writing, 97% of all NFT domains are still created on the Ethereum (ETH) network. But even this doesn’t prevent Ripple’s (XRP) CTO, David Schwartz, from believing that the company is ready to work in the industry. At the same time, Schwartz is confident that Ripple will be able to challenge ETH and take over the NFT sector.

To show their commitment towards the foregoing, Ripple recently invested in the NFT marketplace, Mintable. This platform now supports the XRP Ledger (XRPL), which allows NFT creators to sell their art safer and easier. In addition, Ripple has launched a special $250 million fund designed to promote innovations in the field of tokenisation and NFT in particular.

In one of his recent speeches at an NFT event in New York, David Schwartz also noted that even though Ripple is a bit late to join the NFT space, however, they are coming in with better scalability, low cost, and speed compared to Ethereum.

Ripple is currently working on a variety of projects, including CBDCs that are meant to enable financial institutions to make transactions with fiat currencies within a few seconds. Besides, Ripple is working on federated side chains designed to allow free crypto movement between blockchains.

Subscribe to our daily and weekly newsletter service to receive a digest of the latest news in the cryptosphere and never miss out on any of the Cointribune's highlights!

A
A
James Taylor avatar
James Taylor

Trends are temporary. The blockchain isn’t a trend; it’s the future. I want to help as many people as possible understand it in a simple, clear and interesting way.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Prices & Indices

BITCOIN (BTCUSD) $20,088.74 -0.85%
ETHEREUM (ETHUSD) Ξ $1,132.46 -0.88%
DEFI (DEFIPERP) $2,641.70 0.94%
MARKETS (ACWI) $84.79 -1.48%
GOLD (XAUUSD) $1,817.32 -0.14%
TECH (NDX) $11,637.77 -3.09%
CURRENCIES (EURUSD) $1.05 0.01%
CURRENCIES (EURGBP) £0.864220 0.16%
CRUDEOIL (USOIL) $112.31 0.41%
IMM. US (REIT) $2,413.37 -1.14%
The percentage expresses the change over the past 24 hours BUY CRYPTOS WITHOUT RISK
Newsletter

Receive the latest and best crypto news directly to your inbox and try to win 0.2 ETH by registering today

Crytocurrency Guides
You must complete the form to receive your document.