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Ripple Enters NFT Space while XRP Rises Above $1

Ripple intends to fight the high gas fees on the non-fungible token (NFT) marketplaces. The NFT boom in the first quarter of 2021 led to an extremely high number of transactions and the resulting high transaction fees, which almost paralyzed the sector.

The dramatic rise of NFT culture is already an amazing story. With NFTs it is possible to bid on digital collectibles or works of art in order to secure the property rights. While the hype has subsided somewhat, the fees are still at a very high level.

Ripple announced yesterday in a blog post that it will take the next step to reduce gas charges on the XRP ledger. Ripple’s announced plan directly aims to minimize these fees by integrating NFT marketplaces on its XRP ledger. Aligning with XRP will provide both buyers and sellers with a more cost-effective and overall more enjoyable experience when working in the NFT space.

Another advantage of the planned integration, according to its own statements, is the energy savings that the XRP ledger should offer compared to proof-of-work blockchains that characterize NFTs. In the article it says:

Because the XRPL uses a novel consensus process to validate transactions, it consumes negligible amounts of energy and is 120,000 x more efficient than proof-of-work networks. Built on top of the XRP Ledger, it offers developers a unique way to run more sustainable NFT apps and marketplaces while removing a huge burden on the planet

XRP, meanwhile, rises above $1

Meanwhile, the XRP price has managed to take the $1 mark. However, the token is still a long way from its 2021 high at around $1.90. Nevertheless, the recovery can be seen, because three days ago XRP was still trading at $0,70.

The entire crypto market is currently experiencing a recovery from last week’s market-wide crash. So far, analysts are still divided on whether the recovery is sustainable or whether further corrections may follow.

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