Today we’re excited to announce our investment in Mintable, an NFT marketplace that enables users to seamlessly create, buy, and sell digital items using fiat or cryptocurrency.
With tokenization moving into the mainstream, we believe that the ability to digitally sign an asset, sell it over a blockchain, and generate real revenue from its subsequent sales will mark the tipping point for widespread crypto adoption. In 2020 alone, consumers spent $ 54 billion on non-fungible tokens (NFTs) – and that’s just the beginning. NFTs have the long-term potential to accelerate the creator economy, inspire new business models, and open up access to broader participation in the modern financial system. The growth and development of NFTs will begin with marketplaces built on Layer 1 protocols to support these transactions on a large scale, but high platform fees act as a barrier to further access and monetization.
Anyone, anywhere, should be able to mint, sell, buy, or transfer NFTs on the blockchain of their choice – but to make that happen a multi-chain future must be built: in which every blockchain network for one specific use case is optimized to provide developers with more flexibility. This shift will inevitably encourage cross-chain interoperability, which will allow the right chain to be used at the right time to create the best user experience.
That’s why we’re so excited about consumer marketplaces like Mintable, which today announced $ 13 million in Series A funding to expand their platform support for more blockchains. CEO and founder Zach Burks is committed to unlocking the mass adoption of NFTs by consumers with an intuitive NFT marketplace that abstracts the underlying complexities of the blockchain and shaped 700,000 articles over the past year.
The XRP Ledger (XRPL), with its innate performance benefits and Integrated Decentralized Exchange (DEX), is ideally suited to provide a seamless experience for NFTs. To reach the next level of growth, Mintable plans to integrate with the XRPL so that creators can sell their work safely, sustainably and efficiently. This also applies to users who want to buy and resell NFTs. The Federated Consensus Algorithm – at the heart of XRPL’s design – ensures cost-effective transactions and positive sustainability effects. With the ability to lower transaction fees (“gas”) on XRPL to $ 0.0004, Mintable recognizes the opportunity to deliver a differentiated user experience that provides a competitive advantage over other marketplaces. In fact, the XRPL only consumes around 790,000 KWh per year and is already carbon neutral, which is far more efficient than proof-of-work networks, which use around 66 TWh of energy per year. In short, its eco-friendly properties will enable billions of NFTs to be minted, purchased and transferred to the XRPL in a sustainable manner.
We couldn’t be more excited to be working with our friends at Mintable to deliver a premium experience for creators and developers, and to bring more participants with NFTs into the blockchain ecosystem. To learn more about Mintable, visit https://mintable.app/ or follow @mintable_app on Twitter.
Would you like to learn more about the extended NFT support in the XRP ledger or integrate your NFT project? Connect with us on Twitter @RippleXDev.