Ripple Labs has announced the launch of today its next step toward reducing gas fees and minting costs for non-fungible tokens (NFTs) on the XRP Ledger (XRPL).
As NFTs become the new sensation within the crypto ecosystem and concerns over carbon emissions have led many, with Elon Musk’s Tesla at the helm, to rethink their crypto positions, Ripple Labs has doubled down on its green tech claims.
Ripple’s NFT project intends to combat high gas fees for trading and mint fees for NFTs as the technology experiences growing pains. By integrating NFT marketplaces on its XRP Ledger, both buyers and sellers will experience a more cost-effective and overall pleasant experience when operating in the NFT space, the company announced.
The integration also claims to reduce carbon emissions: “Because the XRPL uses a novel consensus process for validating transactions, it consumes negligible amounts of energy and is 120,000x more efficient than proof-of-work networks. Building on the XRP Ledger provides developers a unique opportunity to run more sustainable NFT apps and marketplaces while eliminating a heavy burden for the planet.”
Ripple has also announced a private CBDC ledger for central banks. This allows them to develop, issue, and manage their own secure, controlled, and flexible digital currencies. More than 80% of central banks are actively exploring some form of sovereign-backed cryptocurrency.
France’s central bank, Banque de France, has openly considered XRP for the digital euro.
Both announcements on NFTs and CBDCs were made as the firm and its co-founders stand in the middle of a lawsuit with the Securities and Exchange Commission over an alleged illegal securities offering. The discussion turned to whether XRP is a security or not.
FinanceFeeds covered two bombshells dropped by the Judge consenting on XRP’s currency and utility value. With currencies and securities being two different things, the SEC’s argument that Ripple is security may lose its credibility.
It seems that Ripple may be pushing for a Summary Judgement on its fair notice affirmative defense. A win wouldn’t clarify XRP’s status, but no one could be sued after that as no one had Fair Notice from the SEC.
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Originally Published On: Finance Feeds
Photo courtesy of: Finance Feeds
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