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Ripple Targets Ethereum’s Dominance Of NFTs And Sees Price-Point As Big Plus For XRP Ledger – Ethereum – United States Dollar ($ETH)

Ripple Targets Ethereum's Dominance Of NFTs And Sees Price-Point As Big Plus For XRP Ledger
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XRP (CRYPTO: XRP), the cryptocurrency associated with Ripple IncHe may have arrived later than the symbolic irreplaceable party, but the team behind him is confident in their plan to compete against him. Ethereum (CRYPTO: ETH).

What happened: Ripple Chief Technology Officer David Schwartz He said in an interview with Cointelegraph that the project is not too late for XRP to make its mark in the NFT space.

“We’re a little late to the party, but it’s not too late. If the NFTs are successful, we’re still early enough,” Schwartz said.

The Ripple CEO told Cointelegraph that scalability was an advantage when it came to XRP Vs > ETH in the context of NFTs. Schwartz notes that there are “things you can do on Ethereum that you can’t do on the XRP Ledger.”

“If you want to do it all, you can’t be good at anything. The XRP Ledger has a list of things that they do really well. If one of those things is what you need, great. But, if no one said Schwartz: “What you need, you need to move on to something more general.”

The Ripple CTO notes that NFTs can be minted on XRP, there is also a decentralized exchange available and new tokens can be issued. Plus, the payments are “cheap and fast,” Cointelegraph reported.

why does it matter: The costs of doing NFTs on XRP are much lower than ETH, according to Schwartz.

“On the XRP Ledger, the cost is much lower, so if you are building an NFT on Ethereum, it should be worth at least $500, and even then the fees will be close to $100. The fees are much lower on the XRP Ledger and this allows for a wider range of cases. the use “.

Singapore-based NFT platform Mintable, which recently raised $13 million in a Series A funding round, has plans to merge Ripple’s XRP Ledger (XRPL).

XRPL is already carbon-neutral and far more efficient than PoW grids that consume 66 TWh of energy per year, according to a Ripple statement released in July.

“Proof of work creates artificial scarcity using something that is scarce, which is energy. When energy is used only to create artificial scarcity, it raises the cost,” Schwartz said.

“The only reason you would want to do that is because you get a piece of the money. Only the people who get that fee are promoting that technology.”

In September, Ripple announced a $250 million innovative fund to develop the NFT tool, which it said will provide creators with “financial, creative and technical support.”

price movement: At the time of writing, XRP is up 9.34% in 24 hours to $1.26 while ETH is up 3.52% at $4,712.72. The second largest cryptocurrency by market capitalization touched an all-time high of $4,714.60 on Sunday night.

read the following: Ethereum charts all-time highs but “flipped” by Shiba Inu on Twitter, Bitcoin surges ahead of main event, Dogecoin follows trajectory

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