Ripple on Potential of NFTs: “We Have Not Even Scratched the Surface”

  • The blockchain company said NFTs are in their early stages and hold more potential.
  • Ripple Labs highlighted its plans and recent strides in the tokenisation and NFT space.
  • Ripple predicts XRPL will champion the growing tokenisation market and support various use cases.

XRP enthusiast Edo Farina recently drew his X followers’ attention to a document Ripple submitted to the UK Government. The document highlights Ripple’s optimism about the future of NFTs, and boasts of its partnership with a project for carbon credit tokenisation in Africa.

“We work with a sustainably run securities exchange operated in partnership with the United Nations, which develops a carbon credit solution to issue NFTs tokenised carbon credits,” Ripple wrote in the document, in an apparent reference to Xange.com.

On the topic of NFTs, Ripple believes the technology is in its early stages. “In reality, we have not even scratched the surface of what NFTs will do to make our economic and social transactions digital and more efficient”, the company wrote in its document.

Looking forward, Ripple predicted that its XRP Ledger (XRPL) will play a major role in the much-discussed tokenisation of real world assets, or RWAs. “From Real Estate to NFTS, everything is set to run on the XRPL.”  Meanwhile, the document underscores the increased interest from governments and organizations in Ripple since the July decision on XRP’s securities status.

With many countries weighing the possibility of launching CBDCs, Ripple’s XRPL has been highlighted as a top choice. Likewise, demand for XRP amongst banks and other financial institutions has also grown.

On Monday, the XRPL integrated the EVM Side Chain, which is expected to boost interest in the blockchain. As noted in the report, the EVM Side Chain will make it easier for new developers to launch new projects on XRPL.

It bears mentioning that while the XRP and XRPL are closely associated with Ripple, the company has reiterated that they operate independently of Ripple’s control. Meanwhile, XRP’s price edged higher in Friday’s morning trading session, alongside a marginal boost in trading volume. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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