Ripple’s NFT Support in the XRP ledger to Solve Many Problems
As of early 2021, some of the biggest stories about cryptocurrencies have come from the NFT world. In the official Ripple statement released yesterday, the project announced its intention to crack down on high gas transaction fees and NFT minting fees.
Despite the rapid rise of the NFT culture, interest has recently declined as users gradually understand how difficult the transfer process is to acquire ownership.
The plan announced by Ripple aims to cut those fees directly by integrating the NFT market into its XRP ledger. If you work in the NFT space, assimilation of XRP offers buyers and sellers a more cost-effective and overall more enjoyable experience.
Another benefit of the planned integration is that the XRP ledger provides green energy, which is saved by the proof-of-work blockchain, which is more advanced than the green NFT. The statement reads:
“Because the XRPL uses a novel consensus process for validating transactions, it consumes negligible amounts of energy and is 120,000x more efficient than proof-of-work networks. Building on the XRP Ledger provides developers a unique opportunity to run more sustainable NFT apps and marketplaces while eliminating a heavy burden for the planet.”
Ripple isn’t the only name trying to protect NFT transactions from large numbers of gas fees. Both Immutable X and Enjin are working hard to save traders money. The former announced a $1.3 million reduction in gas fees for NFT traders.
The Crypto Industry Continues to Face Exorbitant Energy Consumption
This move by Ripple is obviously a big step forward and greatly improves the efficiency of the NFT casting and transaction process until it hits the environment. Lately, the debate about the sustainable dismantling of PoW blockchains has become more and more heated. Digital currency as an industry consumes almost incredible energy, and many environmental groups are discussing this issue.
Because of the excessive energy consumption of Bitcoin mining (BTC), even some of the largest players in the market (like China) have suspended certain activities. Brad Garlinghouse, CEO of Ripple, recently cast a strong voice on blockchain’s energy consumption. Even went further to praise Elon Musk for his great efforts to minimize Bitcoin’s reliance on coal.