Ripple confirmed the investment into a Singaporean non-fungible tokens (NFTs) marketplace Mintable during its US$13 million Series A financing round.
The NFT marketplace, backed by American billionaire Mark Cuban, stated that Mintable would use the money to extend platform support for more blockchains.
The platform claims to be the first to deploy a unique gas fee minting function that allows developers to create their own NFT, allowing content creators to reap the full benefits of these tokens without having to pay exorbitant transaction costs.
NFT frenzy continues
Consumers spent $54 billion on NFTs in 2020 alone. Long-term, NFTs have the ability to accelerate the creator economy, inspire new business models, and provide more access to the modern financial system.
Monica Long, GM of RippleX at Ripple, confirmed,
“Our investment in Mintable is a testament to our shared vision for cost-efficient and sustainable NFTs to enable profitability for creators and mainstream accessibility to crypto.”
Mintable intends to connect with Ripple’s XRP Ledger (XRPL) in the future, which offers minimal transaction costs and low energy usage for artists selling their works. Layer-1 protocols will be used to enable these transactions at scale as NFTs Marketplaces expand and evolve; however, high platform costs operate as a barrier to broader accessibility and monetization.
Ripple confirmed in a statement:
“We couldn’t be more excited to work with our friends at Mintable to provide creators and developers with a best-in-class experience and bring more participants into the blockchain ecosystem with NFTs <..> As tokenization launches into the mainstream, we believe the ability to digitally sign an asset, sell it on a blockchain, and receive real income from its subsequent sales will create the tipping point for widespread crypto adoption.”