Ripple Ties up With CrossTower to Push Its NFT Game

Vignesh Karunanidhi
Ripple Ties up With CrossTower to Push Its NFT Game
Source: Coinlive

Trading platform CrossTower partners up with Ripple to add NFTs minted on the XRP Ledger to its marketplace. Amidst the ongoing Ripple and SEC lawsuit, Ripple has recently decided to get their heads inside NFT.

RippleX, the firm’s development branch, was doing work on the XRP Ledger to be able to increase the load of NFT transactions. The company has recently made the decision to test the functionality of its NFT. The team evaluated various workloads: NFT minting, NFT offers, buy or sell, and “Mixed XRP payments and NFT offer + buy or sell,” in addition to XRP payments. This partnership news comes following the successful testing of the feature.

Source: CMC Markets

Will the partnership do any good for Ripple amidst the slow NFT market?

CrossTower made the announcement today regarding the partnership with Ripple. The vision is to add the NFTs minted on the low-cost, carbon-neutral Ripple blockchain to CrossTower’s NFT marketplace.

The announcement stated that the marketplace will let users transact NFTs using their credit cards and seamlessly store them on the XRP Ledger.

“We are thrilled to partner with Ripple and build our Web3.0 platform on the XRPL. Ripple’s commitment to building a developer network in India is particularly exciting for CrossTower as we are committed to developing India’s blockchain talent.,” said Kapil Rathi, CEO of CrossTower.

The partnership and development of the NFT feature come at a time when the NFT markets are moving like snails with extremely low trading volumes.

Source: Coingape

The beginning of 2022 witnessed over $8 billion worth of NFT trades, let alone in the first quarter. But, the second quarter didn’t have the best beginning for the crypto enthusiasts, with the collapse of Terra and the bear market following just behind.

Data from NonFungible reveals that there has been a 50% drop in NFT sales in the last 30 days. The overall sales in the last 30 days currently stand at $17 million.

The sales volume of the top-ranking NFT collections including the BAYC, Otherdeed, Mutant Ape Yacht Club, Moonbirds, and Azuki has dropped by 29.07%, 57.74%, 35.10%, 22.74%, and 63.60% respectively.

Is Ripple’s entry into NFT at the right time? Or will it get washed out amidst the bear market? Only time will tell.