Ripple Announces Strategic Partnership with Mintable To Drive Mass Adoption Of NFTs
Ripple has announced a strategic partnership with NFT (Non Fungible Token) marketplace, Mintable. As Mintable enables users to use cryptos or fiat currencies for buying, selling, or creating digital assets, Ripple believes that this partnership will help bring tokenization into the mainstream.
Whether it is the ability to sign assets digitally, sell digital assets, or receive income from all subsequent sales, Ripple believes that the market will reach a tipping point. At this juncture, they believe that the cryptocurrency adoption will take place significantly.
Reports say that in 2020 alone, consumers spent US$54 billion on NFTs. This is the first time Ripple is venturing into non-fungible tokens. NFTs have immense potential, especially when it comes to the creator economy. They not only ensure growth in the creator economy but also inspires new business models, and also ensures greater participation in the financial system.
It is believed that marketplaces building on Layer-1 protocols will drive the growth and development of Non-fungible Tokens. However, the main roadblock to accessibility and monetization of NFTs is high platform fees.
Ripple is excited in partnering with Mintable. The NFT marketplace, in a Series A funding, has already announced US$13 million. Reports say that this fund will be used by Mintable for expanding support for more blockchains.
Zach Burks, Founder and CEO of Mintable, is hoping to create an intuitive NFT marketplace, which will help in unlocking the mass adoption of NFTs. Over the last year, Mintable has already minted 700,000 items. XRPL, the ledger of XRP, comes with built-in decentralized exchange and provides high performance. It is perfect for integrating with Mintable so that creators can sell their works seamlessly and efficiently.
Just like Ripple, XRPL’s design is also based on the Federated Consensus mechanism. It not only impacts sustainability positively but also makes transactions inexpensive. When compared with other marketplaces in this space, Mintable has been successful in bringing down the gas fees on XRPL to US$0.0004.
This aspect is potentiated by the fact that XRP consumes just 790,000 KWh each year, making it Carbon Neutral. This makes this network much more efficient and sustainable than others using Proof-of-Work protocol. The Proof-of-Work protocol consume far higher energy every year, which is almost 55 TWh of energy per year. The environmentally friendly approach of Ripple makes it the preferred choice for buying, transferring, and minting billions of NFTs in a sustainable manner.
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