Ripple Adds Support of NFTs to XRP Ledger to Save Gas Fees
Ripple developers have now added support of non-fungible tokens (NFTs) to the XRP ledger, as they hope to restore ease and comfort into making such transactions.
Ripple to Restore NFT’s Hype?
NFTs started off considerably hyped at the beginning of the year. The beloved technology is partly responsible for ushering known coins like Bitcoin and Ethereum into mainstream social media. Records for the most expensive NFTs broke consecutively within weeks and months of each other early this year, until the buzz died off.
Ripple believes one of the major reasons behind NFT’s modest decline in mainstream popularity is the outrageous gas fees attached to buying one. Ethereum’s transaction fees have since skyrocketed, giving interested buyers of NFTs another headache to consider.
“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,” Ripple’s statement claims.
In the past, Ripple’s CEO has called attention to the environmental concerns surrounding Bitcoin, even going as far as applauding Musk in his latest withdrawal of bitcoin as a viable payment method for Tesla.
Ripple’s latest addition, is an intentional step to resuming its place on the global coin market cap table once more, as Ethereum still flounders lightly.