Ripple CTO, David Schwartz, is bullish on the future of NFTs
Recently, the Non-Fungible Token (NFT) sector has been overtaking the cryptocurrency market. Following the public support that the NFT sector has gotten from Facebook and EA Sports, this sector has been growing rapidly.
With Facebook rebranding itself to Meta, the famous question of whether the so-called JPEGs have real-life usage has been answered… and the answer is YES. The digital world is rapidly growing, and NFTs are going to be one of the main pillars of the metaverse.
After Facebook’s announcement, EA CEO, Andrew Wilson, made a public comment on the future of NFTs, considering them very important for the future of gaming in general. According to Wilson, FIFA players are interested in NFTs more than ever.
Related: NFTs Are The Future of Gaming Says EA CEO
These comments are extremely bullish for the NFT space, a cryptocurrency sector that was once considered obsolete. Not long ago, the CTO of Ripple, David Schwartz, also made comments regarding the NFT sector.
In an interview for Cointelegraph, Schwartz stated that Ripple is providing a more efficient way for people to use NFTs. Considering that the Proof-of-Work (PoW) mechanism consumes huge amounts of energy, the XRP Ledger may provide a better platform for NFTs since it is way more energy efficient.
Always nice to meet a fan 😉 But seriously, great minds and discussions at #NFTNYC2021 today. Can’t wait to do it again next year! https://t.co/6WurAzyDn5
— 𝙳𝚊𝚟𝚒𝚍 𝚂𝚌𝚑𝚠𝚊𝚛𝚝𝚣 (@JoelKatz) November 5, 2021
Schwartz was also asked about Wrapped XRP and how it could possibly affect the future of Ripple. He stated that just as Wrapped BTC or Wrapped ETH, Wrapped XRP will act just like XRP.
However, Wrapped XRP is designed to move freely in other blockchains as well, not just XRP Ledger. Although this is a good thing because you can use XRP on the Ethereum network, moving Wrapped XRP is not as cheap and time-efficient as moving XRP.
Also Read: Elon Musk Backs Billy Markus in His Crypto Hype Criticism