RippleX, Ripple’s developer arm, has announced its first wave of XRPL grants to further its development. The grant offers to fund developers who build projects based on the XRP ledger. The latest grants focused on the development of non-fungible tokens. [NFTs]. According to a statement, RippleX chose 25 applicants from 10 countries and awarded them $ 2 million.
In a blog, the developers put together,
“In this wave, more than 100 grant proposals were submitted, and from this incredible pool of applicants, 25 recipients received nearly $ 2 million in total value. The beneficiaries include individual developers and teams from more than 10 countries around the world. “
Of the few selected, three were part of Ripple University’s Blockchain Research Initiative.
Interestingly, this is not the first time Onda has focused on NFTs. He had long realized the potential of NFTs and has been working to get them on the XRP ledger.
In May, RippleX proposed additional functionality to offer improved NFT support in the XRPL. The team also highlighted that XRPL could encourage developers to run more sustainable NFT markets and applications.
For many, minting NFTs involves significant costs. However, according to RippleX, XRPL could ease it, with the team noting,
“Fortunately, the XRP Ledger was built to be a more profitable and scalable blockchain, and its upcoming federated sidechains aim to avoid the potential risk of clogging the network as NFT transactions take off.”
In the meantime, to promote sustainability, XRPL’s consensus process for validating transactions can be helpful. According to the team, it consumes negligible amounts of power and is 120,000 times more efficient than proof-of-work networks.
While the alleged negative impact of Bitcoin mining has been widely highlighted in recent years, a concerted effort has been made to make mining more environmentally friendly. Therefore, Ripple’s push to promote its ledger on PoW and PoS is also to beat the competition.
However, Bitcoin and Ethereum continue to be among the top cryptocurrencies in the world.
However, Ripple’s CTO David Schwartz believes that XRPL will offer a unique combination of low-cost, high-speed, and good-payout features needed to expedite the creation of NFTs at scale.
In particular, Schwartz also highlighted the shortcomings of the Ethereum blockchain and Binance Smart Chain in maintaining consistent transaction fees. As transaction fees have continued to be a pain point for buyers and sellers, Ripple’s move to address these issues could put XRPL in an advantageous position.
However, this is all theory and the competition will be tested once XRPL announces the first NFT.
This is a machine translation of our English version.