fxs_header_sponsor_anchor

XRP Ledger reveals plan to power the development of NFTs

  • Ripple X has announced the launch of a fund to support the development of NFTs on the network. 
  • Ripple's On-Demand Liquidity (ODL) corridor has posted a 130% growth over the past quarter and 2400% 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 revealed plans to get into NFTs and boost the utility of XRP Ledger native tokens. Ripple Ledger has the features to power NFT functionality on it. 

Ripple jumps on the NFT wagon

XRP Ledger is evolving into an NFT platform. Proponents have noted that the XRP Ledger has features that support NFT functionality. The platform was launched in 2012, and evolving to power NFTs is a key milestone. 

The platform runs on XLS-20, a standard that will power seamless functionality for NFTs. The standard is yet to receive the community's approval. Once approved, RippleX will support the development of NFTs on its network. 

The payments giant will partner with the Mintable project, the digital item marketplace, to power NFTs. Ripple's On-Demand Liquidity (ODL) corridor has posted 130% quarter-over-quarter growth. Ripple's partnerships in Asia have boosted the utility of XRP, and the platform has grown 2400% over a year. 

Ripple's ODL corridor between Japan and the Philippines is driving the adoption of XRP. 

The volume of daily active addresses is up from 11,300 to 1,42,700. There is over an 11 times increase in the on-chain activity on the XRP network. 

Ethereum's high transaction fees have negatively impacted NFT developers and users on the network. Transaction fees on XRP Ledger are expected to be much lower than ETH, fueling higher adoption of NFTs. 

Proponents consider that XRP price is at a make or break point. Earlier this week, whales moved $14 million worth of XRP tokens from exchanges. Whale movements are indicative of a trend reversal in XRP price. 

FXStreet analysts believe that XRP price will skyrocket to $2. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.