Ripple is now excited about the prospects of carbon credits and gaming nonfungible tokens.
Despite a persistent bear market that has terrorized most of the crypto sector, carbon credit and gaming NFTs might finally be presenting some glimmer of hope. These are the sentiments shared by David Schwartz, Ripple’s Chief Technology Officer, according to The Block’s report.
Although Schwartz admits that he is the most enthusiastic about payments, still, gaming nonfungible tokens and carbon credits are slowly gaining his attention, he said.
Ripple CTO Shared Gaming NFTs And Carbon Credit Dreams
During a recent interview, Schwartz cannot hold back Ripple’s excitement about the prospects of carbon credits. However, he also spoke about the challenges that the carbon credit space currently faces. According to him, this issue of provenance is posing real issues in the industry. But he believes that it is a space that Ripple will be looking to explore.
By description, carbon credits, or carbon offsets as they are mostly called, are thoughtful ways of mitigating greenhouse gas emissions. They set up a monetary incentive for firms to reduce their carbon emissions.
Gaming is another sector where Schwartz thinks there is a great need for improvements. According to him, there may be no better way to achieve all these improvements, than with nonfungible tokens (NFTs). He highlighted an issue that is now peculiar to the gaming industry the tendency of players to get comfortable with older products and games.
This he thinks creates an issue for developers as they find it quite challenging to onboard users, to their new products.
Nonetheless, Schwartz thinks that NFTs can help resolve this issue. He stated partly:
“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.”
Creator Fund
Recently, Ripple launched a $250 million creator fund. This fund is aimed at promoting and helping projects that are in “ecosystems that make sense.” While this new wave of developer funds was targeted at the media and entertainment sector, Schwartz said that it is being disbursed keenly after some initial hesitation.
