WASHINGTON: Non-fungible tokens (NFTs) are trending in the cryptocurrency market, as the sales of NFTs are adding up to $2.5 billion in Q1 2021, and still moving emphatically as collectors gobble up NFTs of art, sports features, entertainments, and much more in the crypto market. It is to be mentioned that the NFT boom has brought new possibilities for artists, actors, and entrepreneurs, also for blockchain technology and distributed ledgers, as the NFT trend is motivating such people. One such crypto company Ripple (XRP) is hitched to the XRP ledger which announced that it joins a Series A investment in Mintable (Mintable app), a site that gives simple devices for anybody to create NFTs. The Ripple investment is one of the largest investments in this market.
Monica Long, the executive of Ripple, clarifies NFTs as something users are wagering on and she said that the XRP ledger is a natural fit for engraving NFT ownership. Specifically, she mentioned the ledger's very low expenses and inherent decentralized exchange (DEX). She also said that those who intend to mint NFTs on Ethereum (where Ethereum (ETH) is the place to mint and store NFT) often face an undesirable surprise when they are shocked with high gas fees, which is a type of transaction tax. Conversely, the executive said that by using the cost of writing to the XRP ledger resembles a large portion of a penny.
In the meantime, she further promotes the XRP ledger as a green option in contrast to ETH. While Ethereum is currently changing to a less energy-escalated measure, it's network currently requires heaps of electricity to keep up with. Moreover, the XRP's yearly energy usage is equivalent to 12 US families.
It has to be mentioned that the reason for engraving NFTs is because their natures are unique, could be not difficult to recreate things on the Internet. But an artifact delivered as an NFT is registered to such an extent that it is one-of-a-kind.
Hence, the Ripple (XRP) money transfer network is making a huge success in the non-fungible tokens list as the NFT boom has brought new possibilities. Such steps are making investors become a millionaire in the future.