Ripple to launch $250m fund for NFT creators
The fund’s aim is to help accelerate the adoption of NFTs
Ripple has announced its Creator Fund, a resource to foster innovation in tokenisation, with a focus on non-fungible tokens (NFTs).
The $250m (£185m) fund will provide support for NFT creators, brands and marketplaces, and explore new use cases for NFTs on the Ripple (XRP) ledger (XRPL).
NFTs are important part of Ripple’s vision
Ripple Labs, the company behind XRP, believes both crypto and blockchain can unlock access and equity for all. The company feels NFTs are an important part of that vision, helping to build a tokenised future.
The World Economic Forum (WEF) predicts that 10% of the world’s gross domestic product (GDP) will be tokenised by 2027.
The fund will help to accelerate the adoption of NFTs and thus attract a broader community of creators; Ripple states that “digital art and collectibles are only the tip of the NFT iceberg”. Because the XRPL acts as a premier platform for minting and managing NFTs, it enables creators and developers to continue to explore the area.
Fund helps alleviate NFT issues
Ripple believes creators are still hesitant to engage with NFTs due to technical concerns surrounding NFT platforms. Also, developers can be put off the idea of an NFT thanks to the high transaction fees and environmental impact of minting.
The fund aims to ease these problems by providing financial, creative and technical support to creators and developers.
NFT marketplaces mintNFT and Mintable will also be integrated with the XRPL to deliver a seamless NFT experience for developers.
The brand strategy and design agency VSA Partners has signed up to the initiative, too, and will in turn help creators and clients sell and design their NFTs.
The XRPL will give creators a way to monetise their work and developers a process that is faster, cheaper and offers built-in royalties. Plus, the ledger is more environmentally friendly than leading proof of work (PoW) blockchains, because the process is carbon neutral and up to 120,000 times more efficient.