Another heavyweight dove into one of crypto’s biggest issues as Ripple announced NFTs without gas fees are within reach. Their engineers have devised a way to integrate NFT marketplaces into the XRP Ledger. The savings will allow buyers and sellers a faster, smoother and cheaper experience.
The XRP Ledger integration is up to 120,000 times more efficient than standard blockchain transfers. By using XRP as the basis for NFT transactions, the burden on the main blockchain are greatly reduced. Compared to Proof of Work chains like Ethereum, Ripple’s system uses a fraction of the energy to run.
Ripple NFT trying to avert a disaster
Ripple’s move to enhance the NFT market is partly a response to growing concerns about the environmental impact of crypto. Many of the effects have been overstated. But the base cost and energy consumption are still big issues for even casual users.
Maybe more importantly, China has made moves to restrict crypto due to the skyrocketing costs. If that trend continues, the growth potential of NFTs would be severely limited. Because of this, many companies are rushing to find band-aid solutions to Ethereum’s limitations. Decentraland is using one option, while Polygon has another rolling out.
Ripple putting numbers to the test
Compared to the other options on the table, though, Ripple is promising concrete numbers for their improvements. An improvement of 120,000x would dramatically change the landscape. While it remains to be seen how many platforms adopt this new technology, even just a few would make a huge difference.