Ripple CTO Schwartz’s NFT collection fails

Ripple CTO David Schwartz has released his own NFT collection called Ugly On The Outside, which includes 28 «ugly» non-fungible tokens. The reaction of the cryptocurrency community to this novelty was negative.

On social media, Schwartz was criticized for creating a collection based on Ethereum, all because of the bad relationship between Ripple and Vitalik Buterin. Users believe that it would be more appropriate to develop and release Ugly On The Outside on another blockchain. However, the chief developer of XRP disagreed with this opinion, emphasizing that he «does not play favorites in the NFT space, but simply wants to explore this area as much as possible.»

Did I mention I have a new collection out today?https://t.co/aTMEREwpqo

— David «JoelKatz» Schwartz (@JoelKatz) December 14, 2022

Ugly On The Outside non-fungible tokens are designed by David Schwartz to be extremely ugly characters. The author suggests that future owners name their NFTs after people they know who are as ugly on the inside as these characters are on the outside. The collection was created using a free Stable Diffusion neural network that converts text into images and creates realistic characters.

As for the cost of NFT, the lowest price for a character is 0.25 ETN (about $ 322.75 at the time of writing). The author of the collection receives 5% of the sale of each NFT.

While David Schwartz is just starting to understand the non-fungible token space, he can be called an experienced expert in cryptocurrencies. Ripple’s CTO even recently named 3 main factors that, in his opinion, led to the downfall of the FTX crypto empire. Schwartz believes that the most important reason for the exchange’s collapse is that the FTX-related trading company Alameda Research used customer funds.