Ripple Seeks To Expand Use Cases For XRP Ledger Into NFTs

Ripple Seeks To Expand Use Cases For XRP Ledger Into NFTs As Escalating Legal Battles With SEC

As the case between Ripple Labs and the SEC reaches US courts, the San Francisco-based payments technology company continues to look outside for opportunities in other areas. Specifically, in its latest business expansion, Ripple wants to bring non-fungible tokens (NFTs) to the XRP Ledger to expand mining into the lucrative NFT market.

Ripple expands XRP into NFTs amid escalating legal battles

According to David Schwartz, Ripple’s chief technology officer, there is much potential for NFTs in other areas.

“A lot of us have sort of bundles of digital rights like movies or songs that we purchased, books that you may have, or a Kindle, and they’re typically tied to services that have monthly fees,” Schwartz said. “So there’s an interesting future use case of allowing people to sort of be their own custodians of their digital rights.”

SCHWARTZ SAID THAT the XRP Ledger has several features that make it very desirable for NFTs, including low cost and high speed. XRP is also directly available on the ledger, so a user doesn’t need to go to another ledger to make the payment.

David Schwartz

As reported by Ripple, they proposed a strategy that enables the best of both worlds: Federated Sidechains – blockchains that operate alongside other blockchains – for the XRP Ledger. This will enable developers to implement new features, such as native smart contracts that interoperate seamlessly with XRP and the XRP Ledger, while also allowing the XRP Ledger to maintain its existing, “lean and efficient” feature set.

In the coming months, Federated sidechains could be available for the XRP Ledger and expand use cases for the XRP Ledger, Schwartz said. “The XRP ledger can handle well over a thousand transactions per second, but that’s a finite limit, and if you imagine future use cases, you know millions of NFTs or something, you can exceed that limit because each federated side chain has its own transaction volume.”

Ripple is also exploring supporting DeFi – but that probably won’t happen until next year, Schwartz said. “There’s little to no support for DeFi on the XRP Ledger. You could have a side chain to the XRP ledger which you could have the same assets, and you would have access to DeFi functions,” Schwartz said. “Seeing real centralized federated side chains to provide features like DeFi is probably more like six to nine months away.”

Despite the current regulatory troubles with the SEC in the US, Asia Pacific remains a bright spot for Ripple, reporting significant growth in the region, as AZCoin News reported. Brooks Entwistle, managing director of Ripple Asia Pacific, said RippleNet transactions in the region grew 10 times in 2020, driven by On-Demand Liquidity (ODL) for cross-border remittances, and he foresees more growth in the region for Ripple.

Also, this week, U.S. Magistrate Judge Sarah Netburn granted Ripple Labs CEO and lawsuit co-defendant Brad Garlinghouse’s request to obtain information on his XRP transactions from Cayman Islands-incorporated Binance Holdings Limited.

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