NFT platform Mintable has received $13 million in Series A financing and will be integrated with Ripple’s XRP Ledger blockchain.
Singapore-based Mintable announced on July 1 that it will use the funds to expand its operations, promote its growth and user acquisition, and develop and launch new products. Investors include Ripple, NFT investment fund Metapurse, Animoca Brands, and Shutterstock executive chairman Jon Oringer.
Mintable is the first company in the industry to implement a unique gas-free coinage feature that allows users to create their NFT, enabling content creators to fully benefit from what the NFT provides without being burdened by high transaction fees.
Ripple stated that the NFT market is a market with long-term potential. Only in 2020, consumers spent $54 billion on non-fungible tokens (NFT).
Mintable will be integrated with XRP Ledger (XRPL), a decentralized exchange (DEX) with inherent performance advantages and built-in, so that creators can sell their works safely, sustainably, and efficiently.
XRPL only consumes about 790,000 kWh per year and is already carbon neutral, which is much more efficient than the workload proof network that consumes about 66 TWh of energy per year, stating that:
“Its environmentally friendly attributes will allow billions of NFTs to be minted, bought, and transferred on the XRPL in a sustainable way.”
General Manager of RippleX Monica Long said:
“NFTs are giving rise to powerful new business models for creators. Accelerating the growth of this creator economy starts with an infrastructure that removes the barriers to entry — such as high gas fees and environmental costs of creating NFTs — faced by many today. Our investment in Mintable is a testament to our shared vision for cost-efficient and sustainable NFTs to enable profitability for creators and mainstream accessibility to crypto.”
Mintable is a non-fungible token (NFT) trading market based on the Ethereum blockchain, launched in 2018. Currently, the platform covers approximately 700,000 items such as digital art, music, collectables, game items, and domain names.
Image source: Shutterstock