Ripple NFT solution grows popular, but next use cases are real revolution

Rick Steves

“NFTs are huge right now, but there’s a caveat. I think they started off from a very different angle than they should have”.

Ripple has unveiled the first independent creators to receive funding for their NFT projects through Ripple’s Creator Fund after nearly 4,000 applications. Among the selected creators are Justin Bua, Steven Sebring, Ethernal Labs, NFT Pro, and xPunks.

NFT marketplaces NFT PRO, Ethernal Labs, and onXRP have also teamed up with Ripple to integrate the XRP Ledger.

The global NFT market has reached $25 billion in sales in 2021 and it seems to be only the beginning. Ripple’s move into the NFT segment could be a game-changer as the space matures into a real main street revolution.

Monica Long, GM of RippleX at Ripple, said: “NFTs have very quickly proven to have real utility within crypto—from digital experiences and rewards to artist royalties, co-ownership of real-world assets and more. By way of our Creator Fund and strategic partners, we’re leading more creators into the tokenized future and bringing their NFT apps and use cases to life on the XRP Ledger.”

Ripple’s Creator Fund was launched in September 2021 and commits $250 million to help creators get started with their NFTs in a move that proves the value and benefits of the XRP Ledger for tokenized assets. Its decentralized exchange (DEX) provides fast settlement for tokenized assets of all types–including NFTs.

Last May, Ripple proposed XLS-20, a standard that would support a native NFT type and seamless NFT experience on the XRP Ledger.

The fund is aimed at independent creators, from artists to musicians, to game designers and builders. Ripple will help creators grow their communities and navigate their path to minting with the XRP Ledger.

NFTs are huge right now, but there’s a caveat

The NFT promise, however, is much broader than the current popular use cases. We have recently interviewed Michael Pearl, COO at Kirobo, who spoke about the NFT revolution, DeFi, and tech.

Kirobo is an Israeli fintech firm building infrastructure for the Web3, which includes a long list of solutions that will bring mass adoption of NFTs.

“I think for the long run, only the strong will survive. only the projects with viable tech behind them. NFTs are huge right now, but there’s a caveat. I think they started off from a very different angle than they should have. It’s all about cool pictures, videos, and what have you. I don’t want to name drop but you know what I’m talking about.

“I think the next use cases of NFTs are the real exciting ones. I think they will have a huge impact on our lives. I mentioned the NFT of Harvard diplomas. Soon enough we’ll have our IDs and diplomas NFT’d, ownership…”

Kirobo will be there, tapping into the real NFT revolution and facilitating mass adoption in order to create a viable ecosystem for Web3. The firm uses the “conditional transactions” principle for blockchain solutions.

An example used was a trust fund that can only be accessed if the grandson finishes Harvard, on the condition he presents an NFT of the diploma.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<