Ripple Is Teaming Up With FLUF World To Bring The XRP Ledger To The Root Network.
📢We’re partnering with @FlufWorld to bring “The Open Metaverse” to life, enabling metaverse projects to mint #NFTs and buy/sell/trade in-network tokens on The Root Network, which will be built on the #XRPL with XRP as a native asset.— RippleX (@RippleXDev) June 17, 2022
Learn more: https://t.co/gdSMgTOXKS
Ripple is making more inroads to support the adoption of its flagship crypto, XRP. The company is now entering the real of NFTs with a partnership with FLUF.
FLUF World runs The Root Network, a blockchain-based NFT system that focuses on 3-D representations and user experience in the Metaverse, now known as ‘The Open Metaverse.
The Root Network supports web3 and decentralization. Ripple’s XRP will now be used on the network to settle payments. The network supports various other cryptos, but XRP will be adopted as the intermediary currency. Other protocols will also be supported via the EVM (Ethereum Virtual Machine).
According to the press release:
“XRPL will play a critical role in The Root Network by setting the standard for NFT functionality and utilizing XRP as the default digital asset for transaction activity in the network’s multi token gas economy.”
Main Features Of The Open Metaverse
‘The Open Metaverse’ brings together various players in the blockchain industry to create an interoperable architecture that supports Web3 and cross-chain integration. It’s on this vast architecture that The Root Network is built. The Open Metaverse comes with a few important advantages:
First, it eliminates the boundaries that currently exist between various categories of interest to the user and makes the entire setting easier to engage with. Basically, the Metaverse is meant to enhance user experience spanning various categories like finance, social media, and gaming, among others.
Secondly, The Open Metaverse is all about decentralization. Users have control over their transactions and digital assets. The users own all the data, content, and identity attached to them. This is why the introduction of XRP in The Root Network is a big deal for the crypto’s future.
XRP has many use cases, and now Ripple has added the NFT world as one of the standards within which the coin will operate. In turn, The Root Network will have access to advanced smart contract facilities and the XRP Ledger community.
Monica Long, GM of Ripple said:
”We are thrilled for Ripple to partner with FLUF World on the exciting project of The Open Metaverse. For nearly 10 years, the XRP Ledger has served as the best-in-class capabilities for settlement and liquidity of any tokenized asset, from currencies to collectibles. The partnership is a testament to the robustness of the XRP Ledger to support a metaverse project of this scale,”
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Original Source : thecryptobasic.com
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