Ripple may squeeze Ethereum in the NFT segment

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Ripple CTO David Schwartz said that Ripple is poised to excel in a sector already dominated by the Ethereum blockchain. It is believed that Ethereum covers 97% of the NFT market, but Ripple is ready to compete.

To meet this ambitious goal, Ripple recently invested in the NFT trading platform Mintable. This will allow the app to merge with the XRP Ledger (XRPL) registry where artists can safely and comfortably sell their NFTs.

In addition, Ripple has created a $ 250 million fund for NFT creators and will foster innovation in tokenization and non-fungible tokens.

Speaking at an NFT event in New York, Schwartz stated that Ripple’s seemingly belated entry into the NFT space allowed it to offer better scalability, lower cost, and increased speed over Ethereum.

At the same time, David Schwartz added that the company continues to work on the CBDC so that every financial institution in the world can settle in fiat currency in seconds. In addition, Ripple’s developers are working on federated sidechains that allow assets to move freely between blockchains.

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