Ripple: a marketplace for NFTs on the way?

During the first episode of Ripple Drop in 2021, the launch of an NFT art gallery on RippleNet was speculated. 

During this Ripple Drop the potential of RippleNet was explored, in particular regarding the possibility of transforming companies, and the way in which RippleX is contributing to the XRPL community.  

Asheesh Birla spoke about RippleNet’s global growth over the past year, saying over three million transactions were recorded in 2020, with Southeast Asia in the lead. 

According to Birla, much of this growth is due to the acceleration of digital transformation caused by the pandemic, given that in the last year RippleNet’s On-Demand Liquidity (ODL) service “has helped many customers overcome the liquidity crisis of COVID” . It also believes that RippleNet offers CFOs the ability to instantly transfer money around the world via ODL.

But the most interesting things probably said RippleX CEO Monica Long. 

According to Long, the goal for 2021 is to contribute to the construction of new tools for real use cases of XRPL, and to support developers with new programs. 

The NFT gallery on Ripple

In particular, he talked about a series of new projects based on XRPL, such as a non custodian wallet, an XRP toolkit and precisely an NFT art gallery. 

He said: 

“NFTs are obviously a big deal in the cryptocurrency industry and I think there are plenty of opportunities for developers to sink their teeth into NFT use cases on XRPL.” 

This would in fact be a novelty for RippleNet, given that to date the most used blockchains in the NFT world are others. 

However, it should be emphasized that by now alternative blockchains, first of all Ethereum, have already conquered a high market share in this sector, so much so that it is actually very difficult to enter new tools based on technologies still to be invented. 

In theory it is obviously possible that a Ripple-based NFT marketplace will be developed , but it remains to be seen how many users it could realistically attract, particularly due to the enormous competition from platforms already widely established in this field. 

Ripple’s General Counsel, Stuart Alderoty, later spoke about crypto regulation in the United States, saying he was worried that it could alienate innovators to other countries that have already established a clear regulatory framework for cryptocurrencies. 

Ripple has been in litigation with the SEC for a few months, so relations between the company and the US regulator are not good at all. To date, the US still seems to be able to attract crypto innovators to their territory, mainly thanks to what they are trying to do in Miami and New York . 

However, it is correct to say that at the regulatory level there are countries that have already worked more than the US on cryptocurrencies, primarily Switzerland , and that at this moment may be more attractive.

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