While David Schwartz, CTO of Ripple, remains most enthusiastic about payments, he has also expressed interest in gaming NFTs.
Schwartz argued that non-fungible tokens could assist studios in attracting people to their newest offerings, indicating that the gaming industry is also ripe for expansion.
“There are real problems in the gaming space that NFTs solve,” he said, noting that gamers become comfortable with older games and may be hesitant to follow developers into newer products. “You have to start from zero, and there is that feeling of loss. If you can take the NFT with you, you won’t have that feeling of loss, and you’re more likely to migrate to the game studio that wants you to.”
Ripple does not currently develop consumer applications directly, but is seeking partners that can leverage the low-cost and high-speed features of the XRP ledger. In addition, it has a $250 million Creator Fund, which, according to Schwartz, is being allocated cautiously following initial hesitation.
Schwartz stated that Ripple has moved forward in an effort to support the creation of practical initiatives in the ecosystem with its own finances, noting that Ripple normally asks developers to obtain capital and create a minimum viable product before partnering with the company.
“People are paying people to do stupid things,” Schwartz said. “And so if you want people to build projects that are going to be successful and lock themselves into a blockchain that has high fees and low throughput, or lock themselves into issuing a token No matter what their project, the money should be part of it. You have to be smart about it… You have to be really careful that you are not creating an illusion of success and progress.”