Let me just start by mentioning this, like the xrp ledger is taking a major step forward in just dominating the latest crypto trend of nfts non fungible tokens. The xp ledger is perfectly suited for this particular use case theres already a built in decentralized exchange, but some of the functionality that youd want wasnt there from day one and thats being sure thats thats thats been addressed now uh, resulting in this new piece written by Nick bugalas, who runs the uh, runs a programming team um, i believe its a c plus plus team over at ripple, and this piece was titled ripple x, releases xls20, dev network, which is an nft devnet. Ripplex, of course, is um. Well, it used to be known as spring, which was the development arm of of ripple effectively and its been rebranded as ripple x, and so theyve been working on this and its at a point where its functionally used. But in order for this to be implemented, the networks going to have to approve that so ill talk about that as well, but its like right now, wheres all the nft action happening, theres, so much happening on the ethereum blockchain and my gosh, its just the gas Fees are outrageous, there are serious scalability issues and i dont know if theyre going to be overcome if they are great, super duper uh right now, theres, not a clear solution in sight, and so i wanted to share with you some thoughts before i go through the Specifics of this, i want to share with you some thoughts from david schwartz, of course, is ripple cto and co creator of the xrp ledger, because towards the end of last year, he had a lot to say about the xrp ledger and nfts, and i thought itd Be perfect segway to just cover some of that first and then get into this, but the xrp ledger its just its taken a major step forward effectively, and this will help its just one more thing that will help to ensure the long term viability of the xrp Ledger and xrp itself, which of course is the native digital asset.

I dont think xrp is going to be going away as long as people are functionally using the xrp ledger for multiple use cases, and if xrp is just sitting right there i mean talk about integration, its literally sitting right there on the freaking blockchain. This is good. All of this is very good, which is why this particular tweet from coinbase, ceo, brian armstrong, is ridiculous to me. Um. There is a tweet its on your screen right now from february 23rd 2015, and i wasnt sure if this is real at first, but i actually did end up verifying. This is a real tweet and i got it from an individual on twitter who calls himself uh. Groobles and uh, and so i retweeted it and i shared the screen, grab and uh and it reads as follows, and again this is from 2015, so, like seven years ago, just about ripple, stellar and altcoins are all a distraction. Bitcoin is way too far ahead. We should be focused on bitcoin and side change its just like you read that its like audible, sigh and then followed by. Did you hear that thats the face palm that little slap sound? That was me doing an actual face palm right now, because this tweet has aged like a fine milk, and so here he is running a cryptocurrency exchange and it its like. You make money from the buying and selling of assets. Maybe this goes to show why they went years and years and years for much most of the fact, the last market cycle in 2017 only listing three assets, you know and so like there was.

There was ethereum that got on there and then the other one was litecoin but charlie lee, who created litecoin. He was working at coinbase when it was launched in there so theres the reason it got some favoritism there really hes just been a bitcoin max here. At least he was back then, who knows its been seven years? Maybe his opinion has changed, but now his platforms making money on a ton of different cryptocurrencies. So even if hes still a bitcoin maxie as long as he can make his money. But this is completely ridiculous. The idea that there would be one true coin to rule them all well fast forward, seven years and whats actually happening uh – is anybody using bitcoin for nfts um? Im? Sorry is this. This whole thing that were going to be talking about here with the xrp ledger being utilized for nfts is. Is that a distraction? Brian armstrong? Is that a distraction, and so so heres? How i approach it, since i didnt know for sure if this was a real tweet, because people fake stuff on the internet and im a skeptic to start. I dont, i dont just retweet stuff unless uh something of consequence like this, unless i verified it for myself. So i put in a tweet before i verified it and i wrote hey brian armstrong and i tagged him. Was this a real tweet from you? If so, why did you delete it? I did an advanced search on twitter and this tweet is not there and i did that for real.

I checked and it was. It was not in existence, so i was like well. That means either he deleted it or this things fake. Let me take a civil war and then i wrote if it was a real tweet. Do you still believe that bitcoin is the only cryptocurrency that people should focus on and so what i ended up doing, because i was initially having trouble finding it is. I literally typed in his entire tweet into the google search bar verbatim, and it popped right up, like 10 articles popped up, including um. This thread theres also this. This is a thread on reddit seven years ago, where people are just talking about it. Heres one of the articles from finance and magnates titled coinbase, ceo brian armstrong. We should focus more on bitcoin and side chains less on all coins, specifically citing ripple and back. Then people were really interchangeably using interchangeably using a ripple and xrp as if they were the same thing he meant xrp, he said ripple. Obviously, what us can you imagine this having this close minded point of view, one coin to rule them all, and this guy is running the biggest cryptocurrency exchange in the united states. Now, like what, ah its regrettable yeah yeah hate to see it, but to the xrp ledger whatever, despite what he thinks, uh youre not going to stop real world adoption and different cryptocurrencies will be used for different things. They have different technical attributes.

Different entities and people in various geographic regions will have incentives, non tech related to adopt various coins, theres all sorts of reasons that humans will choose different things, humans being humans right, its not going to be a one. Size fits all, and so its good to see all this adoption – and i dont want to read this article, but its worth reminding me here this from september 29th of last year, calling all creators ripple launches 250 million dollar creator fund, and this was about uh non Fungible tokens specifically so ripples heavily getting in on this, and then there was this article from cointelegraph. This is from november and its titled over time. We will see the nft market broadened, says ripple cto, david short, so i want to share with you some of david schwartz, specific thoughts on this, including the xrp ledger and nfts, and then im going to share with you the latest news. So i want to do it sequentially so that it makes the most sense non. Fungible, tokens or nfts have been dominating the crypto market this year with sales topping over 2.5 billion dollars during the first half of 2021. It shouldnt come as a surprise that both the crypto community and mainstream creators are launching nfts in hopes of driving revenue and engagement. The rise of the metaverse has also pushed the adoption of nfts, demonstrating the value of non fungibles for major brands and social media platforms alike, while nft sales soar, the ethereum blockchain continues to rule the space pause, probably not for long, probably not for long.

If i could just add a little commentary there, and i can because its my channel, damn not do what i wont anyway. The piece continues, though, for instance, a recent report for from coin telegraph, research found that ethereum represented at least 97 of every nft market sector, which includes games, collectibles and marketplaces. Its also interesting to point out that blockchain analytics firm moonstream found that around 17 percent of addresses control more than 80 percent of all nfts on ethereum, demonstrating the vast inequality that still exists in the nft market. Although this is the case, its important to note that non fungible tokens are still a very new and early concept, even though ethereum is currently dominating the market, there are significant competitors yeah. Let me just uh. Let me just ask: is anybody out there listening when you need to search the internet for some something for some information? Do you ever ask jeeves for that information? Anybody asking jeeves for that? No anybody, no okay! I didnt think so. Peace continues, for example, blockchain payments firm ripple recently announced an investment in the nft marketplace, mintable, which would allow the platform to integrate with the xrp ledger, to enable creators to securely and efficiently sell their nfts. In addition, in september this year, ripple launched a 250 million dollar creators fund to foster innovation in tokenization, specifically focused on non fungible tokens given ripples. Recent involvement in the nft space coin telegraph spoke to david schwartz, who is ripples chief technology officer and co.

Creator of the xrp ledger during nft nyc to learn more about the companys growing interest in non fungible tokens and so heres a question from cointelegraph, and you guys are going to love this stuff here because it really gets it talks about ethereum talks about the xrp Ledger and nfts, and so cointelegraph thanks for joining me, david first off. What did you discuss during your talk at nftnyc, david schwartz? My talk at nftnyc was mostly about carbon, neutral nfts with the xrp ledger and solving the energy consumption problem. Obviously we arent going to solve climate change in the blockchain space, but the least we can do is not make it a lot worse, its not a technical problem. We know how to not consume that much energy, its just a matter of convincing people to adopt the technologies that are more climate, friendly and so thats always been interesting, given that technology does exist to where this is not a problem, regardless of what you think about Any sort of climate issue, even just the narrative, even if you dont, give a damn about it. Do you want that to be something thats weighing you down, even just from a narrative perspective, because i sure, as hell wouldnt, then coin telegraph ask the following ripple recently proposed a standard that will let people more seamlessly create nfts on the xrp ledger? Can you discuss that in detail and david schwartz said the following? We were a little late to the party, but not too late.

If nfts are successful, then we are still early. We initially started to look at how people wanted to use nfts and realized that a lot of the challenges people were facing were due to the technology being very primitive. When someone has a good idea with the right, tooling and the right team, sometimes they just need more money to scale. We can help them overcome this to prove the technology will work the way they want it to and then cointelegraph asked. You also mentioned that the xrp ledger is energy efficient. Could you explain why this is the case to which thats an easy one knock out of the park david schwartz said? Yes, the reason why proof of work, peripheral work systems like bitcoin and ethereum consume energy? Is that they are specifically designed to create artificial scarcity? Youd want artificial scarcity. If you were trying to profit from something that has to be scarce, you also need artificial scarcity for something to be valuable, and you need to convince customers that the scarcity is not artificial. So proof of work creates artificial scarcity by using something scarce which is energy. When energy is purely used to create artificial scarcity, though it drives up cost. The only reason youd want to do this is, if you are getting a cut of the money, only the people getting those fees are promoting that technology. Let me just pause thats why david schwartz has always been hitting the nail on the head when he said the best incentive is no incentive who the hell wants: high fees but theres incentive to do that within the ecosystem of bitcoin, for example, with the nature of Proof of work just being what it is and miners piece continues.

Uh david schwartz said in the xrp ledger: no one gets transaction fees, so no one wants high fees. The fee literally covers the cost of processing the transaction. The fact is that the xrp ledger works. Just as well without artificial scarcity, coin telegraph are there any other benefits of using the xrp ledger for nfts versus ethereum, and this is fun check this out. This is what david schwartz said. Yes, one of them is the scalability or the number of transactions per second. There are things you can do on ethereum, though, that you cant do on the xrp ledger. Let me just pause again. This is not a one. Size fits all universe. There will be multiple coins, uh multiple coins, solving different problems. Interesting, though, just having the base technology of of xrp and ive talked about this in other videos, you can have side chains that can do pretty much just about anything. So i dont want to get into that further in this video, but i just wanted to mention anyway. David schwartz continues thats. Why a lot of d5 work today is happening on ethereum. You can do almost anything. You can envision like things with loans or trade fi or mortgages and staking we also have a decentralized exchange, and you can issue new tokens. Payments are cheap and fast so to some extent its a fundamental engineering trade off. If you want to do everything, then you cant be very good at anything.

The xrp ledger has a list of things it does really well. If one of those are the things you need thats great, but if one isnt what you need, then you need to move to something more general part of ethereums, low transaction speed and cost is due to the fact that you can build more flexible technologies on the Blockchain most people who build on the xrp ledger are doing complex things, but for technical reasons they dont need these to be right on the ledger. We dont have those capabilities on the xrp ledge today, but you can mint nfts and thats what were going to get to im about to hop into it. Dont worry folks, but yeah. So again he said we dont have those capabilities on the xrp ledger today, but you can mint nfts. The xrp ledger also has a decentralized exchange and you can issue new tokens. Payments are cheap and fast so to some extent its a fundamental engineering trade off and if um, then they cite this quote here. If you want to do everything, then you cant be very good at anything. The xrp ledger has a list of things. It does really well if one of those things is what you need thats great, but if one isnt what you need, then you need to move something more general, which i think it was worth repeating its very true again. It goes back to this idea, not a one size fits all universe, and then he said part of ethereums, low transaction speed and cost is due to the fact that you can build more flexible technologies on the blockchain.

Most people who build on the xrp ledger are doing complex things, but for technical reasons they dont need these to be right. On the ledger, then cointelgrass said what are the best use cases for someone wanting to mint an nft on the xrp ledger and david said today. The use cases are mainly collectibles on the xrp ledger. The cost is a lot lower. So if you are building an nft on ethereum, it would have to be worth at least five hundred dollars and even then the fees would be close to 100 folks. Does that sound like a real world solution for nfts? This is not sustainable, so either ethereum is going to figure this out or all of this activity, because the ethereum is dominant, all of its going to go somewhere else and the xrp ledger absolutely can handle this. So just think about that and then he said, the fees are much less on the xrp ledger and that allows for a broader range of use cases. I think most of the use cases today are collectibles, broadly speaking, like works of art, things that connect to digital art, things that connect to musicians, but i think over time we will see the nft market broaden, and then that brings us to this ripple x, releases. Xls 20 dev network nft devnet in may ripplex invited the developer community to provide feedback on our proposal to enhance nft support on the xrp ledger. We believe crypto and blockchain are powerful levelers in unlocking access and equity for everyone.

The rapid rise in growth of non fungible tokens or nfts is key to that vision on track p. Come here. Come here come here. I think she heard something i dont know what she can hear drawing its okay pee its okay ive got her. Sometimes she hears something outside and then she just gives a little roof. She doesnt thats only like the second time, shes ever done that so shes in my lap. Now: okay, its okay pete thats. My sorry for those who dont know peeve is my now: seven year old, a terror nick shes, a sweet, little doggie, shes, usually very quiet anyway. We got her uh anyway, so on track to pass 17 billion dollars in global sales by the end of this year. Its clear that nfts are here to stay with many in the industry already building toward a tokenized future that allows new business models to prosper and people to engage more deeply with the communities and things they care about. Most today, the nft devnet is available, making it possible for all developers to learn about and experiment with the native nft capabilities introduced with xls20d developers are welcome to start building apps and tokenization use cases as well as visit the technical tutorial page to get started, and So i dont want to go through to read this whole thing, but its its basically its set up its functioning as if it were ready to go in order for this thing to actually be approved, though validated on the network would have to prove its.

That requires 80 percent approval after a vote, and that has to be sustained for two weeks in order for it to get passed but uh. Presumably, this is not something that the community would want to throw away and also its worth, noting that they they do, have a focus on making sure that we dont just slam the xrp ledger from a technical perspective in terms of scaling, so uh theyre taking great Care to make sure that this is not something that is going to result in the xrp ledger getting bogged down because you may recall at the beginning of december there were some issues which ive covered not getting into it in this video but theyre. Very cognizant of this and would like to prevent that, and so there you go brian armstrong said we should have just focused on bitcoin, but bitcoin cant do stuff, and so here we are seven years after that, tweet even after he said again, dont focus on xrp Dont focus on stellar and altcoins uh bitcoins way too far ahead. We should just be focused on bitcoin and side chains again that tweet has aged. Like a fine milk. I am not a financial advisor. You should not buy or sell anything because of anything that i say alright.