The sports car company will launch its automotive NFTs on Ripple’s XRPL.
Ripple Partners UK Sports Car Company Lotus to Launch Automotive Non-Fungible Tokens (NFTs) on XRP Ledger (XRPL).
Famous blockchain and cryptocurrency company Ripple has announced that it has partnered with UK-based sports car manufacturing company Lotus, to launch automotive non-fungible tokens on the XRP Ledger (XRPL).
“We’re excited to partner with @lotuscars to help bring automotive #NFTs to the #XRPL,” Ripple said in a statement.
— Ripple (@Ripple) June 28, 2022
The partnership was first announced by Lotus last week. Recall that the sports car manufacturing company noted that it will be venturing into the world of non-fungible tokens via a collaboration with Ripple and NFT Pro, one of the beneficiaries of Ripple’s Creators Fund.
According to Lotus, Ripple will provide technical support via its low-cost, fast, and carbon-neutral XRP Ledger.
Details of Lotus NFTs
The NFTs will be a product of Lotus’ Advanced Performance unit, a department of the automotive company, which was created earlier this year.
The digital collectible will be created in-house using the Lotus design, with each unit tipped to pay tribute to each of the legendary performance car brands.
Notably, the NFTs will enable collectors and creators to experience different Lotus cars in a whole new dimension, with holders of the digital collectible given lots of perks in the coming weeks or months.
“Lotus has always been about cutting-edge innovation, and entering the Web3 space in this way, with a truly customer-focused NFT program, is another excellent example of that. Partnering with NFT PRO, a real expert in this field, means we are guaranteed to deliver truly memorable content for a new digital community of Lotus fans,” Simon Lane, Director, Lotus Advanced Performance said in the announcement.
Per the announcement, NFT PRO, which was among the beneficiaries of Ripple’s $250 million Creator Fund, will work closely with Lotus in the development of the non-fungible tokens.
Commenting on the development, Christian Ferri, CEO, NFT PRO, said:
“It’s a privilege to partner with such an iconic British automotive brand and to help the Lotus Advanced Performance team connect with a new generation of fans. This announcement is only the beginning for this collaboration.”
Ripple’s XRPL Massive Adoption
Ripple’s XRPL has recently been widely adopted for various use cases. Fintech companies have adopted a solution to develop decentralized exchange and facilitate cross-border payments.
The tech’s usage of NFTs has also seen widespread adoption in the past few months. In April 2022, top NBA star Michael Jordan announced that he will be launching his non-fungible token on XRP Ledger.