Ripple to Challenge Ethereum in the NFT market
The non-fungible token (NFT) market has long been dominated by Ethereum, but Ripple is also claiming its share. The organization has stated that it has suggested a norm that would allow XRP Ledger customers to leverage current capabilities to generate NFTs.
The ledger offers a significant competitive edge over Ethereum, is fundamentally green, and has an upper hand in the form of built-in token. In 2021, NFTs have risen to become the most popular sector in the crypto market. They are, nevertheless, only one facet of a larger movement known as tokenization.
By 2027, the World Economic Forum predicts that 10% of global GDP will be tokenized. Blockchain platforms, on the other hand, must improve to be more productive, scalable, and economical in order for it to work.
Monical Long, the general manager of RippleX, remarked in a recent blog post:
“This is a once-in-a-lifetime chance for the XRP Ledger (XRPL): a blockchain having a framework and processing qualities needed to manage any sort of currency or asset efficiently and affordably.”
She said that Ripple is on a campaign to capture over the NFT sector. The present infrastructure simply isn’t adequate. She argues that this has prevented people from fully harnessing the potential of blockchain-based assets. Long feels the XRP Ledger is well-suited to providing a richer user experience for NFTs as well as other tokens. She further stated:
“When combined with a robust suite of tools and resources, the innate performance advantages of the XRPL and its native digital asset XRP will enable developers a seamless experience for NFTs.”
For three factors, the XRP Ledger comes out on top. As per Long, “The first is that it is the most cost-effective blockchain for minting NFTs.” On Ethereum, customers must deal for the absurdly high gas fees, which are frequently reflected in the NFT pricing. “Luckily, the XRP Ledger was created to be a far more cost-efficient, scalable blockchain, and its syndicated sidechains seek to avoid the network from being clogged as NFT transactions increase.”
— Ripple (@Ripple) May 24, 2021
The XRP Ledger is fundamentally green, which is the second factor. The high use of power has become one of the most contentious issues surrounding blockchain technology. Bitcoin is the most energy-intensive and emits the most CO2. The carbon impact of Ethereum, on the other hand, is a matter of worry, particularly as its use grows.
NFTs on a chain with near zero transaction fees and carbon emissions. We’d love your comments on the #XRPL proposal for native NFT support (by @JoelKatz @nbougalis @aanchalmalhotre). https://t.co/BufzRp6GCy
— Monica Long (@MonicaLongSF) May 24, 2021
Long detailed “Building upon the XRP Ledger gives programmers a one-of-a-kind option to create more viable NFT apps and markets while removing a significant environmental burden.”
The third argument is the token strength of the blockchain. The XRP Ledger has excelled as well, despite Ethereum’s dominance in terms of the amount of assets that are hosted on its blockchain. Users of the XRP Ledger’s decentralized exchange have issued or exchanged over 5,400 currencies so far.
“Since 2013, the XRPL’s fully-functional DEX has enabled those holding and receiving assets to issue, buy or sell any token—making the XRPL ideally suited for participants building a flourishing, lasting ecosystem for NFTs as tokenization launches into the mainstream.”