Ripple To Investigate New NFT Use Cases While Supporting NFT Lending Startup

Since Ripple supports NFT lending startup Supermojo, general manager Monica Long of Ripple is excited about the introduction of new NFT use cases including ticketing experiences. Former Ripple executives reportedly raised $6 million for the brand-new NFT financing and lending start-up Supermojo.

In a recent July Ripple Drop edition, Monica Long discusses how use cases for NFTs can go beyond the most typical use case, which is collectibles.

“The applications of NFTs can extend to lots of different industries, but the core idea is about ownership” she stated.

According to the XRP GM, NFTs’ special attributes that define ownership might be especially useful for assets like, say, real estate titles or carbon credits.

By using the XLS-20 standard, which Ripple has proposed, NFT creation on the XRPL will be made extremely efficient and compact, eliminating any negative effects on the ledger’s performance and avoiding congestion. With integrated features like minting and auctioning, XLS-20 seeks to make the creation process for developers noticeably simpler.

AMM features for the Ripple Ledger

The XRP Ledger’s developer community was asked to investigate implementing native automated market maker (AMM) capability by RippleX last month.

The proposal is now preparing to hear comments. An automated market maker is by no means a novel addition to the XRP Ledger, even though it would be. Due to its unique AMM concept and the performance of the XRP Ledger, this AMM expects to make a very appealing contribution to decentralized finance despite its late entry. The new continuous auction mechanism aims to be the most distinctive aspect of the AMM protocol.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News