Ripple announced a $250 million fund to boost its NFT activities during Apex, the XRP Ledger Developer Summit. The new fund is called Creator Fund and focuses on innovations in tokenization, especially in the NFT industry.
Creators, brands, and marketplaces are eligible to receive the fund. Those who explore new use cased for NFT in the Ripple ecosystem can be among the top to receive the fund. Ripple claims to be able to help the industry because of numerous benefits in the XRO Ledger, including speed and cost.
Joining the Movement
There are numerous projects and big blockchain entities planning to enter the NFT industry. They know the potential of this industry, especially for attracting mainstream users to the blockchain world. By offering development tools, marketplaces, and investment funds, they can find more developers and artists for their plans.
Ripple is the latest to show its ambitious plans by launching a $250 million fund to bolster the NFT movement in the blockchain. The Creator Fund is focused on helping all of the potential actors of the market.
As mentioned above, creators, brands, and marketplaces can receive the fund from Ripple. The company has ambitious plans to help these sectors and grow the community in the Ripple ecosystem, too. The announcement says:
“The Creator Fund can help accelerate this adoption by attracting a broader community of creators to participate in and benefit from NFTs. Digital art and collectibles are only the tip of the NFT iceberg—with the support of the Creator Fund and the power of the XRP Ledger as a premier platform for minting and managing NFTs, creators and developers can continue to explore utility in NFTs through use cases such as asset ownership and interactive experiences that will help bring about this tokenized future.”
Ripple believes the current state of the NFT industry isn’t optimum. Many creators are worried about entering the market because of technical difficulties, and many developers still have problems with user experiences in blockchains.
XRP Ledger (XRPL) may be able to solve parts of these problems. Ripple will provide financial, creative, and technical support for eligible actors to help them become engaged faster.
The latest fund comes with partnerships that can help new actors move the initial steps faster. Mintable and mintNFT are two NFT marketplaces that will integrate with the XRPL as a result of the latest partnership.
Ripple believes that XRPL has all of the essential benefits and features to help the NFT industry grow faster. The open-source, decentralized blockchain fully supports tokenization that is the backbone of NFT use-cases.
We should wait and see if artists, developers, and brands join the new plans by Ripple or stick to other blockchains and platforms.
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