In a recent interview, Ripple CTO David Scwhartz explained what he finds interesting about non-fungible tokens (NFTs).
His comments came during an interview that was released on YouTube channel “Thinking Crypto” on March 16.
According to a report on this interview published by The Daily HODL on March 18, Schwartz finds two ideas related to NFTs interesting.
The first is the “drive that people have to collect things”:
“If you look at NBA Top Shot, which is a great NFT project — they have a fantastic user experience, but the important thing there is like I have a relationship with something that means something to me that nobody else has.
“I don’t know exactly what that relationship is — like I sort of own it — but it doesn’t matter. What matters to me is that I love LeBron James or Steph Curry or whoever, and I have a special relationship to [them] that nobody else has.“
The second is the idea of digital rights. Schwartz pointed out that although many people currently have “bundles of digital rights” (e.g. books or songs bought from the Google Play store), the user experience with these rights is not that great.
Last month, Wietse Wind, Founder of Ripple-backed XRPL Labs, came up with a proposal for implementing support for non-fungible tokens (NFTs) on the XRP Ledger (XRPL) that does not require changing the code for the XRPL. On February 26, Wind started a discussion for his proposed standard for working with NFTs on the XRP Ledger.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.