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RippleX Gives $2 Million To Promote NFT Solutions On XRP Ledger

RippleX Gives $2 Million To Promote NFT Solutions On XRP Ledger

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Answer RippleX Gives $2 Million To Promote NFT Solutions On XRP Ledger

Ripple may not be the most beloved company in the cryptocurrency space, but its perseverance and desire to grow despite setbacks is something that needs to be acknowledged.

Where, despite the legal problems it faces, it did not remain idly by, but continues to grow and search for ways to develop.

RippleX, a division of Ripple focused on promoting the development of technologies around the XRP Ledger, recently announced its first wave of XRPL grants, aimed at NFT adoption.

According For an official announcementIn total, RippleX distributed $2 million to 25 applicants selected from 10 different countries.

NFT is Ripple’s new battlefront:

The main focus of the applications was the development of open source projects dealing with NFT on the XRP Ledger or XRPL.

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It is worth noting that Ripple’s previous products, “xRapid” and “xCurrent”, were merged, and the latter “xVia” turned into what is now known as “RippleNet”, and quickly collected more than 200 customers by 2019.

Although Ripple’s focus has long been to offer a fast and cheap payment network, developers seem to be looking for ways to extract other new capabilities from the Ripple Ledger and adapt it to the new era.

NFT tokens are an odd use case for the XRP ecosystem, despite their popularity.

RippleX states that it has received more than a hundred proposals and projects, but the most interesting of them focus on the following topics:

  • NFT development for many industries (retail, art, music, sports, digital advertising and carbon capture).
  • Learning tools and platforms to build on and interact with XRPL.
  • Data collection tools.
  • Payment and security solutions.

If NFT compliance is implemented, XRPL can significantly increase its user base and can even start serving specific enterprise clients in strategic areas such as identity digitization, supply chain building, etc.

Read:Report: 99% of Ethereum, Litecoin and EOS trading volumes are fake

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