Ripple NFT Adoption On The Rise With New Partners, Sologenic and Mintable
NFT platforms are increasingly adopting the Ripple blockchain. On Wednesday, November 16, an NFT marketplace, Mintable, announced that they have partnered with Ripple to enable the minting of NFTs on the Ripple blockchain. A day earlier, Sologenic, an on-demand, asset tokenization marketplace said they are also adopting the Ripple XLS-20 standard.
Are Ripple-based NFTs booming?
According to a press release by Mintable, the partnership with Ripple is a step towards embracing a multi-chain strategy. With the adoption of Ripple’s tokenization blockchain, XRP Ledger, creators can mint and sell non-fungible tokens on XRPL, the Ripple energy-efficient tokenization platform.
Mintable said that the Ripple partnership would enable cheaper minting costs for creators and developers. For creators, they do not need coding skills to mint high-quality collectibles on the platform, the report said. In a comment on the partnership, Emi Yoshikawa, VP of Strategy and Operations at Ripple, stated:
“We are excited to partner with Mintable to help bring in new creators and projects building innovative Web3 projects with real utility to the XRP Ledger.”
An Alternative to Tokenization on Ethereum
A statement from Mintable said that XRP Ledger, as an alternative to the Ethereum network, provides users with high liquidity for their assets leveraging the long-standing reputation of Ripple as a liquidity provider and payment solution.
Patrick Chin, the CMO of Mintable, described the partnership as an important addition. He said that Ripple is a battle-tested blockchain that would help the NFT space to overcome some of the challenges that the ecosystem faces such as security and concerns for the environment. Chin further stated:
“Ripple works with some of the biggest companies in the world, and will be bringing a suite of valuable partnerships to the NFT ecosystem. We are excited to join their ranks as Ripple’s NFT partner, to help with their NFT initiative and to introduce one of the most secure, sustainable and efficient blockchains to the NFT ecosystem,”
Ripple XLS-20 for Asset Minting on Sologenic
Sologenic, an on-demand asset tokenization platform, also announced that it was adopting the Ripple XLS-20 protocol design, which supports the minting of assets on XRP Ledger (XRPL). The statement from the company said that the standard would enable cost-efficient minting and fast, secure transactions within the Sologenic marketplace.
The release from Sologenic said that the standard confers native support for XRPL within the Sologenic ecosystem. It stated that this makes Sologenic one of the early adopters of the XRP Ledger for non-fungible tokens. The standard supports the migration of assets from other chains giving creators tools they could use to bring aboard assets that were minted before the introduction of XRPL. These are decentralized tools designed for sustainability.
“Since its inception in March 2022, the Sologenic marketplace has worked to revolutionize the asset trading industry by leveraging the XRPL’s fast and secure networks,” said Sologenic Co-Founder, Bob Ras.
Ras said that Sologenic is capable of bringing assets minted outside the XRPL on board considering that it has already listed 130,000 NFTs. The XLS-20 standard can track the provenance of each NFT. However, Sologenic tools are adept at detecting the authenticity of NFTs converted from the previous standard (XLS-14/SOLO). The report said that this gives users a better experience than what is obtainable with EVM-based NFT marketplaces.
The Sologenic marketplace now features automatic royalties, trade offers, and smart contracts. All these are designed for the empowerment of creators.
