Ripple Onboards Thousands Of Creators To Its $250 Million Creator Fund

By Kevin • March 14, 2022 9:31 pm • Comments

Ripple has recently announced that it has onboarded around 4000 creators as beneficiaries of its $250 million Creator fund which will fund various NFT projects.

Among those who benefit from this fund include artists, musicians, game designers, and a few high profile producers just as Justin Bua and Steven Sebring.

This imitative marks Ripple’s entrance to the NFT industry which has been acknowledged is one of the fastest growing areas within the crypto space.

Trending: Ripple Spells Out Penalty Terms To SEC

The beneficiaries span across a variety of different sectors which include the metaverse, gaming, and collectibles which will accelerate Ripple’s NFT presence.

Finbold reports:

Generally, the themes are aligned based on existing and emerging NFT use cases on the XRP Ledger, XRP is an open-source decentralized independent digital asset, created before Ripple, which acts as a bridge between two fiat currencies in order to facilitate faster and more efficient cross-border payments.

The fund, which launched in September last year, seeks to help creators produce state-of-the-art’ NFTs.

Elsewhere, Ripple’s ledger has been integrated with NFT Pro, Ethernal Labs, and OnXRP marketplaces to enable faster transactions.

The integration also comes with built-in royalty structures and co-ownership functionality.

Furthermore, it also entails an inbuilt decentralized exchange (DEX) that facilitates fast settlement for tokenized assets of all types–including NFTs.

The fund can be seen as part of Ripple’s overall strategic plan to accelerate its presence in the NFT space given that it is a high-growth market.

This is also not the first time that it has started exploring the space as Ripple had also recently awarded Feature with a $100k grant to expand its music marketplace platform.

That initiative was funded through a different program called the XRPL Grants program which focuses on payments and smart contracts.

With multiple different programs and funds aimed to accelerate a high volume of Ripple partnerships and projects, the blockchain is expected to experience continued organic growth despite the company’s recent lawsuit with the SEC that challenges whether XRP is considered a security or not.

Yahoo reports:

The XRP community thinks that Ripple is more likely to win the SEC vs. Ripple lawsuit. The price of the coin has positively reacted to the good news, and investors are waiting for a decision by Federal Judge Sarah Netburn.

Proponents anticipate that the case has almost concluded, and the payments behemoth may win.

XRP buyers are amassing the altcoin, moving coins off exchanges to private wallets. A whale wallet recently transferred $55 million in XRP to an unknown account.

Despite a slow start in March 2022, the altcoin quickly recovered from crypto carnage and increased 0.37% in the last 24 hours.

Ripple has also received additional attention from the public as a possible financial alternative to SWIFT in the current sanctions in the Russian-Ukraine conflict where XRP has been referred to as SWIFT 2.0.

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