Ripple, the US-based blockchain firm, released a report recently about the potential usage of XRP Ledger (XRPL) in the growing NFT market. The company highlighted the significant advantages of XRPL over other platforms.
According to the official announcement, developers will be able to run more sustainable NFT apps and marketplaces through XRPL. Ripple mentioned that the company is planning to counter the issue of surging gas fees in the NFT market.
“Minting NFTs today generates a significant transaction expense. In fact, gas fees, the surcharge covering the computing energy required to process Ethereum-based transactions on NFT platforms, can add hundreds of dollars to the final price of an NFT (fees vary based on a given network’s user traffic and congestion). Thankfully, the XRP Ledger was built to be a more cost-efficient, scalable blockchain and its coming federated sidechains aim to prevent the potential risk of clogging the network as NFT transactions take off,” Ripple mentioned in the announcement.
The blockchain company has reported a surge in the use of XRPL in cross-border transactions since the start of 2021. Recently, Ripple acquired a 40% stake in Tranglo, one of Asia’s leading cross-border payment firms.
Earlier this week, the RippleX team proposed additional functionality to increase NFT support on the XRP Ledger. Ripple mentioned that the current methods through which companies are minting NFTs are highly inefficient due to the carbon footprints of the cryptocurrency assets.
“Building on the XRP Ledger provides developers a unique opportunity to run more sustainable NFT apps and marketplaces while eliminating a heavy burden for the planet. XRPL’s approach to sustainability also results in cost-efficient NFT projects that are more profitable for creators and accessible for mainstream consumers,” the company added.
Ripple announced the company’s expansion in the Middle East region today after BankDhofar, the second-largest bank in Oman, joined RippleNet to enhance the cross-border payments experience from Oman to India.