Ripple (XRP) sees NFT opportunities in CO2 certificates and gaming

Schwartz is a strong supporter of NFTs at both Ripple and XRP, and he is also the person responsible for the $250 million Creator Fund that is dedicated to NFT projects.

Schwartz says he is particularly concerned with ensuring that supported ideas have realistic business possibilities. In Schwartz's opinion, simply sending funds to NFT developers to encourage them to become active makes little sense.

Some of the optimism surrounding the NFT (non-fungible token) segment had gone by 2022, with sales plunging and several half-baked art projects being taken off the market. However, specialists continue to emphasise that NFTs should not be limited to the art market and experimentation but should be viewed as having industrial-scale use cases. Ripple CTO David Schwartz, who is lobbying for NFTs in the XRP ecosystem, has now shared his thoughts on the subject. Schwartz mentioned CO2 allowances and gaming as industries where NFTs are emerging as solutions at a crypto conference in Miami.

Carbon trading has become commonplace in the Western world during the last two decades, and CO2 allowances are intended to aid in the mitigation of climate change. One important issue, according to Schwartz, is that the origin of such monetized emission rights is not usually recorded, and various uses occur. As a clear and unchangeable proof of origin and ownership, an NFT is an obvious choice for CO2 certificates. Schwartz secretly hopes that the NFT standard, which was just set up, will also be used for XRP.

Schwartz is similarly upbeat about the prospects for NFTs in the computer gaming business.
Gamers would frequently find it difficult to transition to new games because they would have to start from scratch. According to Schwartz, "you no longer have the impression that you've lost anything" when using NFTs that record game progress and special equipment. With careful use of NFTs, the big game developers could possibly even exert some control over which new games people are drawn to.

Schwartz is a strong supporter of NFTs at Ripple (XRP), and he is also in charge of the $250 million Creator Fund for NFT projects. Schwartz says he is particularly concerned with ensuring that supported ideas have realistic business possibilities. In Schwartz's opinion, simply sending funds to NFT developers to encourage them to become active makes little sense. He only provides financial assistance to applicants who have previously raised external funds and have a theoretically successful product. Schwartz has nothing to say about dreaming in the NFT sector and dismisses enterprises that exist solely because venture funding is thrown at them.

Ripple takes a refreshingly realistic approach to NFTs.
This year, it's been very easy to dismiss the NFT area as hype and neglect its deeper possibilities. Ripple (XRP) has already carved a path on NFTs with its Creators Funds and pilot initiatives, such as the sports car manufacturer Lotus, that is well aligned with real-world needs. This doesn't solve Ripple's main problem, which is its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), but what Schwartz has to say about NFTs and XRP is already different from just following a trend.