The Ripple blockchain is popular for its adoption by remittance firms to promote faster and cheaper cross-border payments. However, the recent announcement shows that the platform could be moving towards non-fungible tokens (NFTs).
NFTs have enjoyed massive popularity, and leading blockchains are battling for a way they can add support for these assets. Ripple is not being left behind, as the company has issued around $2 million to developers who will work on NFT solutions for the XRP ledger.
NFTs on Ripple
Ripple has shown great perseverance over the years in terms of growth. Despite the ongoing case between Ripple Labs and the US Securities and Exchange Commission, the company is still making great strides to boost the adoption of its blockchain solutions.
RippleX, the company’s division that focuses on the XRP Ledger, has become the latest major blockchain in the crypto space to embrace the NFT boom.
The official announcement states that RippleX will be issuing grants of around $2 million to 25 selected developers in different countries. The developers will focus on developing open-source projects related to NFTs on the XRP Ledger (XRPL).
The XRP Ledger deals with developing major solutions for the XRP ecosystem. Ripple also has the RippleNet division created after the merger of the company’s former products: xRapid, xCurrent and xVia. RippleNet has enjoyed major adoption over the years, and by 2019, its customer base had grown to more than 200 customers.
Ripple Embracing Change
Over the years, Ripple has mainly focused on offering fast and cheap payment processes. However, it now seems like the platform is venturing into new blockchain areas such as NFTs following a boom in this sector. However, NFTs are not an expected use case for the XRP ecosystem.
Ripple’s announcement included details of the applications received from users. According to the company, most of the applications revolved around the development of NFTs in different sectors, data visualization, payment and security solutions and tools to boost interactions on the XRPL.
Despite not being the ideal blockchain for the development of NFTs, XRPL’s move towards this sector could boost its user base if compatibility is achieved. As a payment-focused platform, NFTs on XRPL could also pick the interest of enterprise customers in various areas such as the supply chain, advertising models and identity digitization.
Ripple has also produced a list of the 25 chosen projects that will receive a different amount of money depending on the type of project they listed on the proposal.
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