Ripple Integrates NFTs To Cut Cost of Minting and Trading

Ripple is adding support for NFTs on XRP Ledger to make mining and trading of NFTs cheaper. In a new update, the company announced that its primary aim is to help in reducing the cost of mining and trading of NFTs.

NFTs have become a huge sector in the cryptocurrency industry. In the last few months, several stories have developed around it with celebrities and artists tokenizing their work and selling it for millions of dollars. The only problem that seems to be haunting this fast-growing sector is gas fees on the Ethereum network.

Ripple cuts fees and environmental impact

One of the greatest arguments against Bitcoin and other Proof-of-Work cryptocurrencies is their impact on the environment. This is mainly due to the amount of energy required to mine such cryptocurrencies. The transaction fees are also of concern to users of Bitcoin and Ethereum, particularly when it comes to NFTs for the latter.

Ripple claims to use an unique consensus protocol to validate transactions that is far more energy efficient than Proof-of-Work cryptocurrencies such as Bitcoin. Ripple transactions also cost much less, which makes it useful for cross-border payments. With this combination, it intends to cut both NFT fees and environmental impact.

Because the XRPL uses a novel consensus process for validating transactions, it consumes negligible amounts of energy and is 120,000x more efficient than proof-of-work networks. 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.

The announcement reads.

Breaking new grounds despite court case

Ripple and its top executives have been in court since December last year due to a lawsuit by the SEC claiming illegal selling of XRP which they refer to as a security. While the case is still ongoing and even turned against Ripple recently, the company is continuously expanding its services to bring more use cases to XRP.

The integration of NFTs is no doubt a big step in this direction. The company has indicated its plans to bring DeFi to XRP through Flare. DeFi and NFT are two major ecosystems that can significantly boost XRP’s chance of becoming more usable and ensure a brighter future for investors if it succeeds in its struggle against the SEC.