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.
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.
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.
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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.
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