In a report by The Block, David Schwartz, the CTO of Ripple, adds that while payments are what excite him the most, he is also interested in carbon credits and non-fungible tokens (NFTs) for use in video games.
In an interview on November 29 in Miami, Florida, he discussed his experience presenting at the Decentral conference, expressing his enthusiasm for carbon credits.
“I think just because the fit seems to be really good. There’s a real problem in the carbon credit space right now of provenance and making sure that things aren’t issued, like there aren’t two sets of carbon credits.”
However, gaming is another promising sector because, according to Schwartz, non-fungible tokens might enable studios to more easily pull users along with their newest offerings.
He noted that users often become habituated to their favorite older games and are hesitant to follow creators into fresh products, stating that “there are real problems in the gaming space that NFTs solve,” he further added, “You have to start over from scratch, and there’s this feeling of loss. If you could take NFTs with you, then you wouldn’t have that feeling of loss, and you’d be more likely to migrate to the game that the game studio wants you on.”
Ripple doesn’t build consumer applications directly right now, but it is looking for partners that can use the low cost and high speed of the XRP ledger.
There is also a $250 million creator fund, which, despite initial reluctance, is being used wisely, according to Schwartz.
Schwartz stated that Ripple established its own fund in an effort to encourage the creation of pragmatic initiatives within rational ecosystems, and that before receiving any Ripple creator funds, developers are often required to raise external investment and create a minimum viable product.
Ripple Interested in FTX’s Assets
Meanwhile, as bankruptcy proceedings continue for FTX after its abrupt collapse, CEO Brad Garlinghouse has projected that the cryptocurrency sector may emerge stronger in the coming days. He has also expressed interest in acquiring some of FTX’s assets.