Wednesday, June 12, 2024

ProprHome to Create and Distribute NFTs via Ripple’s XRP Ledger.

Ripple has partnered with ProprHome to simplify the home buying, selling and renting experience. Through this collaboration, ProprHome will use the XRP Ledger to create and distribute NFTs that will represent property ownership.

The real estate company will leverage the speed and reliability of the XRPL to bring greater trust and efficiency to the Portuguese real estate market. ProprHome is launching a robust NFT and real estate literacy program to help new users understand and maximize their experience. With Portugal having Europe’s highest concentration of real estate agents, ProprHome is looking at helping market participants find the best ones by issuing a reputation currency that can be earned for good practices and then redeemed or traded for advertising and additional exposure.

ProprHome took up XRPL as a fast, low-cost, and secure public blockchain because it has proven itself ideally suited to the settlement of NFTs and other tokenized assets at scale. Ripple says NFT transactions on the XRPL close in less than five seconds and cost only a fraction of a penny. It eliminates the need for complex smart contracts. Moreover, the XRPL can handle high transaction volumes, and key NFT functionalities like minting, burning, and trading. These are pre-programmed as native features on the ledger. Plus, it is user-friendly and well-suited to benefit large real estate firms or governments.

Furthermore, Ripple’s ongoing support for utility-based NFTs has enhanced the inherent advantages of the XRPL. The crypto company is looking to foster new NFT use cases through its $250 million Creator Fund. Ripple is excited about the future of functional NFTs.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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