Cryptocurrencies Economy News

XRP Ledger Unveils Plan to Boost NFT Development

Sponsored
  • Ripple X has announced the launch of a fund to support the development of NFT on the network.
  • Ripple’s on-demand liquidity (ODL) broker has seen 130% growth over the last quarter and 2,400% growth over the past year.
  • XRP Ledger runs through an XLS-20 standard that will seamlessly power a platform with NFT functionality.

The global payments giant has unveiled plans to enter NFT and increase the utility of XRP Ledger native tokens. Ripple Ledger has the features to power NFT functionality.

XRP

MetaNews.

Ripple jumps on the NFT bandwagon.

The XRP Ledger is becoming an NFT platform. Recent developments in virtual worlds have also ignited interest in NFT. According to proponents, the XRP Ledger supports NFT functionality. The platform was first established in 2012, and its evolution to push NFTs is a significant step forward.

The platform is based on XLS-20, a standard that will allow NFT to function seamlessly. The community has yet to approve the standard. RippleX will facilitate the development of NFT on its network once it has been approved.

To promote NFTs, the payments giant will collaborate with the Mintable initiative, a digital commodities bazaar. Ripple’s on-demand liquidity (ODL) broker has grown by 130 percent in the last quarter. The utility of XRP has been bolstered by Ripple’s Asian relationships. Additionally the platform has risen 2,400 percent in the last year.

Ripple popularity is being fueled by Ripple’s ODL corridor between Japan and the Philippines.

The number of active addresses each day has risen from 11,300 to 1,42,700. On the XRP network, blockchain activity has increased by more than 11-fold.

The high transaction fees on Ethereum have had a negative impact on NFT developers and users. Transaction fees on the XRP Ledger are likely to be far cheaper than those on the Ethereum blockchain, encouraging greater adoption of NFT.

XRP’s price, according to investors, has reached a tipping point. Whales moved $14 million in XRP tokens from exchanges earlier this week. The movements of the whales point to a shift in the price of XRP.

According to FXStreet analysts, the price of XRP will rise to $2.

Avatar

Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
Follow Me:

Related Posts