XRP Ledger reveals plan to power the development of NFTs
- Ripple X has announced the launch of a fund to support the development of NFTs on the network.
- Ripple's On-Demand Liquidity (ODL) corridor has posted a 130% growth over the past quarter and 2400% growth over the past year.
- XRP Ledger runs through an XLS-20 standard that will seamlessly power a platform with NFT functionality.
The global payments giant has revealed plans to get into NFTs and boost the utility of XRP Ledger native tokens. Ripple Ledger has the features to power NFT functionality on it.
Ripple jumps on the NFT wagon
XRP Ledger is evolving into an NFT platform. Proponents have noted that the XRP Ledger has features that support NFT functionality. The platform was launched in 2012, and evolving to power NFTs is a key milestone.
The platform runs on XLS-20, a standard that will power seamless functionality for NFTs. The standard is yet to receive the community's approval. Once approved, RippleX will support the development of NFTs on its network.
The payments giant will partner with the Mintable project, the digital item marketplace, to power NFTs. Ripple's On-Demand Liquidity (ODL) corridor has posted 130% quarter-over-quarter growth. Ripple's partnerships in Asia have boosted the utility of XRP, and the platform has grown 2400% over a year.
Ripple's ODL corridor between Japan and the Philippines is driving the adoption of XRP.
The volume of daily active addresses is up from 11,300 to 1,42,700. There is over an 11 times increase in the on-chain activity on the XRP network.
Ethereum's high transaction fees have negatively impacted NFT developers and users on the network. Transaction fees on XRP Ledger are expected to be much lower than ETH, fueling higher adoption of NFTs.
Proponents consider that XRP price is at a make or break point. Earlier this week, whales moved $14 million worth of XRP tokens from exchanges. Whale movements are indicative of a trend reversal in XRP price.
FXStreet analysts believe that XRP price will skyrocket to $2.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
