NFTs are envisioned to be an excellent concept for mainstream adoption of cryptocurrency. Establishing ownership is an evergreen and die-hard need. Any buy and sell transaction requires tracking of ownership. Documentation of ownership is important to trade almost all kinds of assets, whether from art, real estate, intellectual property, equities, supply chain goods, and almost everything that needs to be put to real-time use for people will become an NFT.
NFTs are a great tool of innovation in establishing ownership, eventually opening the gateway to a sea of opportunities.
Reportedly, the World Economic Forum has stated that at least 10% of the world’s GDP to be tokenized by 2027. NFTs will establish the territory for the concept of the Internet of Value. Thus, anyone who owns something will be able to convert it to NFT, thus be able to enjoy the opportunities open to ownership in terms of earning rentals, sell, buy, and exchange, earn royalties, etc.
Thus, it is expected that there will be NFTs in all blockchains, and this will lead to a world where it will become important for buying and selling of these NFTs happening between two different blockchains. This will be possible only when there is improved interoperability.
The design and performance of the blockchain should be such that it will handle all kinds of currencies and assets with high efficiency at a low cost. The XRP ledger can create, share and monetize NFTs.
RippleX published, “We believe the XRP Ledger is ideally suited to deliver a superior user experience for NFTs and tokenization more broadly. When combined with a robust suite of tools and resources, the inherent performance advantages of the XRPL and its native digital asset XRP enable developers a seamless experience for NFTs.”
XRP is trying to address the transaction fee in terms of gas fees related to NFTs, which are minted on the Ethereum Blockchain. They have to state that depending upon the network congestion and traffic, the final cost of the NFTs can be more and that XRP is built to deal with this issue, thus making NFTs cost-efficient on the XRP ledger.
XRP being inherently green by design focuses on providing everything that NFTs need for sustainability like Infrastructure, Minting, Publishing and Storage, Custody, Marketplace, and Swap. It just looks like NFTs are here to stay, and as David Schwartz stated, it is too early to determine if NFTs are a fad.