In 2021, Ripple (XRP) aggressively began positioning itself in the growth space of NFTs. Now, it’s taking stock and looking ahead to how NFTs will play an important role at Ripple.
Nearly $25 billion yielded non-fungible token (NFT) sales in 2021, financial news agency Reuters reported a few weeks ago. By comparison, NFT sales of about $95 million were pegged for 2020. Even if there are signs that the initial NFT hype is cooling down – the NFT division brings growth to the crypto industry. Ripple (XRP) also recognized the signs of the times; its entry into the NFT platform Mintable, for example, was a clear signal of this. With initial experience behind it, Ripple is now drawing attention to what can be expected from NFTs in 2022 through a report.
Ripple is pleased with the success of the Creator Fund, which is endowed with 250 million US dollars. This is in great demand and is being used by creators and developers. This means that Ripple is increasingly succeeding in publicizing the plus points of its ecosystem for NFTs. After all, the public blockchain XRP Ledger (XRPL) is not only fast and fee-saving, but also energy-efficient and thus climate-friendly. Recent progress on DevNet for XRPL, according to the report, previews how creating and organizing NFTs under Ripple will be further simplified.
Ripple expects the creative industry to continue to find its audience with its NFTs for digital art and blockchain gaming. But crypto companies see even more potential for NFTs in fields of application such as real estate or carbon trading. These lines of business are also often referred to as “tokenization” by the industry when it comes to organizing more complex blockchain-based accounting. At its core is the idea of assigning a distinctive and non-manipulable token to objects or monetary content so that contracts can be processed without an intermediary. NFTs are also suitable for this purpose in conjunction with smart contracts, and Ripple hopes to be successful here with its proximity to classic financial markets.
Conclusion: Ripple and NFTs – potential exists, but market is contested
Ripple is pleasantly realistic in its analysis that efforts regarding NFTs should not be focused solely on the creative sector. After all, with Ethereum (ETH), Solana (SOL), Tezos (XTZ) and other popular altcoins, many are already established there with their own NFT systems and the competition for market share is fierce. Occupying NFT application fields that are still less known probably has better chances of success for Ripple in this environment.
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