Ethernal Labs, the creators of multiple NFT marketplaces, has partnered with Ripple to provide infrastructure support for NFT creators on the XRP Ledger. The move comes months after Ripple participated in Ethernal Labs’ seed round, which raised $20 million. As part of the agreement, Ethernal Labs build “white-label” sites where individuals can purchase XRPL NFTs.
Ethernal Labs originally teamed up with XRP as part of its $250 million Creator Fund in March of 2022. Nick Rose, Ethernal Labs CEO, said at the time that the company was “incredibly excited” to partner with Ripple and that the partnership will help Ethernal Labs bring NFTs and digital assets to the masses.
Part of Ethernal Labs’ approach will likely be bringing groundbreaking intellectual property (IP) to the XRP Ledger. According to a blog post on the Ripple website, Ethernal Labs has created non-fungible tokens for a variety of individuals and organizations. They include Lionel Messi, Shaquille O’Neal, Bruce Lee, the DeLorean Motor Company, and Toys R Us.
Through its partnership, Ethernal Labs says it will use that IP to bring NFTs to a global audience in an “easy, fast, and secure way.” NFTs, according to the company, have largely been siloed up to this point, a term that means they are not interoperable or can move between blockchains or different facets of the internet.
The XRP Ledger presents another opportunity for creators to launch more NFT collections. Ripple has stated that it wants to help creators who have limited technical knowledge of NFTs. In fact, Ripple’s XRP Ledger’s NFT program does not rely on smart contracts, which have been a significant sticking point for creators who wish to launch their own collection.
Ripple Has Been Busy in 2022
Even during a crypto bear market, Ripple, the company behind the cryptocurrency $XRP, has stayed busy. And its news has affected a sector of the industry that is near and dear to our hearts at Rarity Sniper: NFTs. Here are three stories involving Ripple and the next iteration of the internet this year.
First, there is XRPL’s support for non-fungible tokens. On November 1st, Ripple’s CTO David Schwartz announced on Twitter that XRPL now supports the creation of non-fungible tokens. The advancement came through the XLS-20 proposal, which a Ripple employee had proposed a year ago.
Second, there is Ripple’s second cohort from the company’s $250 million NFT fund. Three weeks ago, Ripple unveiled that second group, which comprised creators from all around the world in the areas of entertainment and media.
Third and finally, there is the partnership between Ripple and Colombia. In August of 2022, the two partnered to put Colombian land deeds on the blockchain. The move will likely pacify some Colombian government opponents, as the civil war in the Latin American country largely derived from property rights.
Ripple’s partnership with Ethernal Labs shows both companies are serious about bringing non-fungible tokens to a larger audience. Here at Rarity Sniper, we’ll be paying close attention for further developments in the story.