The XRP Ledger will seek to become an industry game changer and challenge Ethereum's hegemony, despite the fact that Ripple is a little late to the NFT party. This year, nonfungible tokens, or NFTs, have dominated the crypto market. With nearly $2.5 billion in sales in the first half of 2021, it's no wonder that both the crypto community and mainstream producers are releasing NFTs in the hopes of increasing income and engagement. The Metaverse's development has also spurred NFT adoption, highlighting the benefits of nonfungibles for both large businesses and social media sites.
While the popularity of NFTs grows, the Ethereum blockchain continues to dominate the market. For example, Ethereum accounts for at least 97 percent of every NFT industry segment, including games, collectibles, and marketplaces. It's also worth noting that blockchain analytics firm Moonstream discovered that roughly 17% of addresses control over 80% of all NFTs on Ethereum, illustrating the massive inequity still present in the NFT market.
Despite this, it's crucial to remember that nonfungible tokens are still a relatively new and experimental idea. Despite the fact that Ethereum presently dominates the market, it is not without competitors.
You must currently develop on a blockchain using Ethereum smart contracts if you want Ethereum smart contracts. You must also adhere to requirements such as the maximum size of a smart contact. As a result, you won't be able to innovate at the level of modifying the rules. Federated sidechains allow you to innovate at the lowest level, allowing users to create their own blockchain with any fees and assets they wish. It might be public or private, and it can be live with real money in a short amount of time.
This is ideal for developers who need to tackle specific problems or make changes to other blockchains and need to persuade others that the changes are safe and effective. Federated sidechains provide a recipe today to build live blockchains that allow users to innovate in the blockchain itself.
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