Ripple Grants $2 Million to Developers to Build XRP-based NFTs

Jafrin  |  Sep 25, 2021

Ripple X, the developer arm of Ripple Labs has announced its first wave of XRPL grants to build XRP ledger-based products. One of its latest grants includes the development of open-source projects dealing with NFTs on the XRP Ledger or XRPL.

Ripple's XRPL Grants Focuses on the Development of Non-Fungible Tokens

According to an official announcement, RippleX has recently granted approximately $2 million to 25 developers across the world selected from a batch of over 100 applicants to focus on the development of non-fungible tokens (NFTs) on the XRP ledger.

In the blog post announcement, Ripple said:

“The XRPL Grants Program provides funding to independent developers building a variety of self-selected projects that leverage the XRP Ledger’s open-source technology and further accelerate the Internet of Value.”

Among the 25 selected developers, 3 of them were chosen from within Ripple’s University Blockchain Research initiative.

From over a hundred proposals, Ripple found the most interesting topics in the field of art, sports, music, digital advertising, retail, and carbon capture with added focus on learning tools and platforms to build on and interact with the XRPL, data visualization tools, payment and security solutions.

In the case of implementing compatibility with NFTs, XRPL could considerably increase its user base and could even start serving certain enterprise customers in strategic areas such as identity digitization, advertising models, supply chain, etc.

Towards a Sustainable Future for XRP Based NFTs

Ripple’s support for NFT solutions doesn’t come as a surprise considering the distributed ledger company initially proposed for additional functionality to offer enhanced NFT support on the XRPL in May.

In this regard, Ripple is more advantageous compared to other blockchain networks owing to its ability to run more sustainable NFT apps and marketplaces as according to the team it consumes negligible amounts of energy and is 120,000x more efficient than proof-of-work networks.

While Bitcoin’s intense energy-consuming proof-of-work model has been highlighted far and wide over the past few years, Ripple’s push to overtake proof-of-stake to the proof-of-work model can lead to a sustainable future for NFTs.

Related News