The crypto market is cooling off this summer, but the NFT (non-fungible token) is as hot as ever. NFT sales totaled $ 2.5 billion for the first half of 2021 and continues to grow as collectors look for NFT art, athletic moments, and more.

The NFT boom has brought new opportunities for artists, actors and entrepreneurs, as well as for blockchains and distributed ledgers. While Ethereum is currently the most suitable place to mint and store NFTs, competitors are trying to trade, especially Ripple. Last week RippleX (Ripple’s open platform) notification participated in Mintable’s Series A funding round, a website that provides simple tools for anyone looking to build an NFT.

Monica Long, General Manager of RippleX at Ripple, also congratulated Twitter:

“We believe that NFT will bring new profitability and business models to creators (with the blockchain of their choice) – and mainstream cryptocurrency access. Congratulations to Mintable on today’s Serie A (July 1st).

Monica Long – General Manager of RippleX at Ripple

In an interview, Monica Long described NFT as “something we bet on” and said the XRP ledger was a good way to track ownership of NFT. It points in particular to the very low costs for using the integrated XRP ledger and the decentralized exchange.

Long seems to be right on the cost issue. Anyone planning to mint NFTs on Ethereum often has to expect high gas fees as a transaction tax. In contrast, Long said it only cost about $ 0.005 to write to the XRP ledger.

In the meantime, Long has also introduced the XRP ledger as a “green” alternative to Ethereum. While Ethereum is in the transition to a less energy-intensive process, it currently uses a lot of electricity to keep it going – unlike XRP, which has an annual energy consumption.

It should be noted that Ripple isn’t the only platform trying to lure NFT enthusiasts away from Ethereum. The emerging blockchain Solana recently announced a “Shopify for NFT” service, while operators also cited costs and the environment as reasons for the switch.

But if Ripple or Solana manage to become big players in the NFT space, it could also threaten the emerging industry, although it may sound paradoxical. The reason is that the NFT is meant to be unique in its nature. It can easily copy anything on the Internet, but such a registered NFT work is unique.

The problem with using multiple blockchains for NFT recording is that artists and others are providing the same “unique” digital artifact in multiple locations. One such situation would be like a homeowner selling the same property to multiple buyers.

According to Long, there is currently an unwritten “honor system” in place among the major NFT players to prevent such a situation. But in the long run, she says, a solution is needed to “improve interoperability” – a task that requires a formal mechanism to detect authenticity across multiple blockchains and ledgers.

Like most of the crypto industry as a whole, the NFT market is still in its infancy, but recent efforts by Ripple and other platforms to compete with Ethereum as a record-breaking registration platform are to be commended and watched closely.

Minh Anh

After decryption

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