Despite the US Securities and Exchange Commission (SEC) lawsuit against Ripple (XRP), the company continues to develop behind the scenes. This time it was announced that Ripple will integrate Non-Fungible Token (NFT) marketplaces on the XRP Ledger.
At the beginning of this year, NFTs were all the hype. Since then, the extreme popularity has fallen slightly, but that does not mean that NFTs do not have a very bright future ahead. It seems that this branch of sport will grow much further and adoption will occur frequently. An example of adoption by a company is GameStop. The US video game retailer is building a system to sell NFTs on the Ethereum (ETH) network.
One of the biggest drawbacks of NFTs is the high gas fees for trading and the high costs of creating new NFTs. Ripple claims to have a solution for this. Integrating NFT marketplaces with the XRP Ledger will make it easier for both buyers and sellers to trade NFTs.
In addition, Ripple states that this planned integration will entail a major energy benefit. The Ripple Ledger uses a special way of validating transactions and therefore consumes a negligible amount of energy. According to Ripple, even a factor of 120,000 less than proof-of-work networks.
Lately, the energy consumption of cryptocurrencies has been at the forefront of the discourse. And that is, to some extent, justified. Any company that responds to this by announcing plans to do something about this can of course only be encouraged. Ripple has been climate aware for some time and with this plan they are once again making it known that energy consumption and climate change are one of the company’s priorities.