Ripple has announced that they have made a strategic investment in Mintable. Mintable is an NFT marketplace where users can use cryptocurrency or fiat currency and buy, sell or create digital assets.
The Growth Of NFTs
Ripple believes that, with the advent of tokenization into the mainstream, the ability to digitally sign assets, sell them and receive income from all subsequent sales markets is a tipping point when it comes to crypto adoption. The belief is that this will push adoption significantly.
Consumers spent $54 billion on NFTs in just 2020 alone, and for Ripple, this is just the beginning. NFTs have significant potential, and they can ensure growth in the creator economy, inspiring new business models and also allow greater participation in the financial system.
Marketplaces building on Layer-1 protocols are expected to drive the growth and development of NFTs. However, high platform fees could act as a significant hindrance to accessibility and monetization.
The Goal Of Unlocking Mass Adoption
Ripple is considerably excited to be working with Mintable, which has already announced $13 million in Series A funding. Mintable will utilize the funding to expand support for even more blockchains.
Mintable Founder and CEO Zach Burks hopes to unlock the mass adoption of NFTs by creating an intuitive NFT marketplace. That marketplace is Mintable, which has already minted 700,000 items over the past year.
Ideal for NFTs
With its built-in decentralized exchange and high performance, XRP’s ledger (XRPL) is perfect for helping deliver a smooth and seamless experience for NFTs. Mintable plans to integrate with XRPL, which will help creators sell their works seamlessly and efficiently.
Ripple’s Federated Consensus mechanism, which is central to XRPL’s design, ensures inexpensive transactions while positively impacting sustainability.
Low Cost And Sustainable
Mintable is able to cut down gas fees to $0.0004 on XRPL, giving users an experience that gives them a significant advantage over other marketplaces in the space. Add to this the fact that XRP is already Carbon Neutral and consumes only 790,000 KWh each year.
This makes it far more efficient and sustainable than networks that use Proof-of-Work. These networks end up consuming almost 55 TWh of energy every year. Ripple’s environmentally friendly approach has the potential to allow billions of NFTs to be bought, transferred, and minted in a sustainable manner.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.