By
Mayowa Adebajo
April 18th, 2024
Ripple is excited about the prospects of carbon credits and gaming NFTs.
Despite a market downturn that has overstayed its welcome in the crypto industry, carbon credit and gaming NFTs may finally be presenting some glimmer of hope. Those are the sentiments shared by Ripple Chief Technology Officer David Schwartz, per The Block’s report. Although Schwartz admits that he’s the most enthusiastic about payments, still, gaming NFTs and carbon credits are gradually gaining his attention, he says.
Ripple CTO Shares Carbon Credit and Gaming NFTs Dreams
During a recent interview, Schwartz could not hold back Ripple’s excitement about the prospects of carbon credits. But he also spoke about the challenges that the carbon credit space currently faces. According to him, the issue of provenance is posing real problems in the space. But nonetheless, he suggests that it is a space that Ripple will be looking to explore.
For information, carbon credits or carbon offsets as they are sometimes called, are thoughtful ways of reducing greenhouse gas emissions. They create a monetary incentive for companies to reduce their carbon emissions.
Gaming is another area where Schwartz believes there is a serious need for improvement. And according to him, there might be no better way to achieve this improvement, than with non-fungible tokens. He highlighted a problem that’s peculiar to the gaming space as the tendency of gamers to get comfortable in older games and products. This he believes creates a problem for developers as they find it difficult to onboard users, to their new products.
However, Schwartz believes NFTs can solve this problem. He said partly:
“If you could take NFTs with you, then you wouldn’t have that feeling of loss, and you’d be more likely to migrate to the game that the game studio wants you on.”
Creator Fund
Ripple recently launched a $250 million creator fund. The fund is aimed at promoting and helping projects that are in “ecosystems that make sense.” While the new wave of the creator fund was targeted at the media and entertainment industry, Schwartz says it is being disbursed carefully after some initial hesitation.