Ripple announced today its next step toward reducing gas fees and minting costs for non-fungible tokens (NFTs) on the XRP Ledger (XRPL).
Since the beginning of 2021, some of the biggest stories in crypto have come from the NFT world. In an official statement from Ripple released this morning, the project announced its intention to combat high gas fees for trading and mint fees for NFTs.
Despite the meteoric rise of NFT culture, interest has dwindled a bit lately, as users are learning how difficult the transfer process for taking ownership is.
Ripple’s NFT support on XRP ledger to combat several issues
Ripple’s announced plan is aimed directly at minimizing these fees by integrating NFT marketplaces on its XRP Ledger. The assimilation to XRP will give both buyers and sellers a more cost-effective and overall pleasant experience when operating in the NFT space.
Another advantage of the planned integration is the green energy savings the XRP ledger is set to provide over proof-of-work blockchains that mint NFTs. The statement claims that:
“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 is not the only name in the game of trying to save NFT transactions from massive gas fees. Both Immutable X and Enjin have been working to save traders’ money, with the former already announcing $1.3 million in reduced gas fees for NFT traders.
Crypto industry continues to deal with excessive power consumption
This move by Ripple is apparently a huge step forward and a massive increase in efficacy for the process of minting and trading NFTs as far as the environment goes. Debates have raged recently about the sustainable mining of PoW blockchains. Digital currencies as an industry use a nearly unfathomable amount of energy and many environmental groups are ramping up discussions surrounding the issue.
Even some of the biggest players in the market, such as China, are suspending some operations due to the excessive energy consumption of bitcoin (BTC) mining. Ripple’s CEO Brad Garlinghouse has become a strong voice recently about the energy usage by blockchains. Even going so far as to heap praise on Elon Musk for his efforts to minimize bitcoin’s dependence on coal burning.