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Ripple Will Challenge Ethereum’s NFT Dominance Says, David Schwartz

CryptocurrencyNov 07, 2021 03:00AM ET
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Ripple Will Challenge Ethereum’s NFT Dominance Says, David Schwartz

  • Ripple’s CTO, David Schwartz talks about Ripple’s emergence into the NFT market.
  • He says Ripple is ready to compete with Ethereum in the NFT space.
  • Ripple is now letting people create NFTs on the XRP Ledger.

We can all agree 2021 has seen lots of new developments in the cryptocurrency sphere. Most especially, NFTs. In Fact, non-fungible tokens arrived and instantly got popularity and acceptance by many. Even more, the technology behind digital art is only getting started. Regardless, many who did not jump on the bandwagon are now turning towards NFTs — one of which is Ripple (XRP).

Ripple’s CTO, David Schwartz says Ripple is ready to step up and thrive in the already Ethereum blockchain-dominated industry. According to reports, Ethereum represents 97% of every NFT market domain but Ripple seems not too fizzled by that.

To show their commitment towards the foregoing, Ripple recently invested in the NFT marketplace, Mintable. This will enable the mintable app to merge with the XRP Ledger (XRPL) to allow creators to safely and easily sell their NFTs. In the same spirit, Ripple also launched a $250 million creators fund to advance innovation in tokenization, notably — non-fungible tokens.

Speaking at the recent NFT event in New York, Schwartz states that though Ripple is a little bit late to join the NFT space, however, they are coming in with better scalability, low cost, and speed compared to Ethereum.

At the same time, David Schwartz says they have been pushing for CBDCs, and if achieved, every financial institution in the world will be able to settle fiat currency in seconds. Besides that, Ripple is also working on federated side chains that allow assets to travel freely between blockchains.

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Ripple Will Challenge Ethereum’s NFT Dominance Says, David Schwartz

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