Ripple Unveils Recipients of $250 Million NFT Creator Fund

By Kevin • October 19, 2022 3:51 pm • Comments

Ripple has just announced the second wave of recipients that has been chosen as part of the $250 million NFT creator fund.

The purpose of this fund is to promote the development of NFT related projects on the XRP Ledger and the fact that the firm is continuing to invest a large amount of capital in the space indicates that the company sees high future growth potential in this industry.

This is also happening during a time when many other crypto firms have been affected by the crypto winter which has caused many firms to shut down and go bankrupt.

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Ripple’s head of DeFi Markets commented that these participants will be key in accelerating XRP’s NFT economy as it competes with other popular blockchains.

DeCrypto.co reports:

Ripple’s Head of DeFi Markets Boris Alergant told Decrypt in an interview that the fund, whose first wave of participants was revealed in April, was created to accelerate XRP’s NFT economy.

NFTs are unique blockchain tokens that signify ownership—and can be connected to a wide range of different assets, from event tickets to digital art to physical merchandise.

Ethereum remains the most popular blockchain for NFTs today and saw just under $350 million in total volume traded in September on leading NFT marketplace OpenSea, according to Dune Analytics.

The XRP Ledger (XRPL) is a decentralized, public blockchain led by a global developer community, designed to be fast, energy efficient, and reliable.

The Ripple Creator Fund are also allowing a level playing field for all artists as it lets industries such as the music industry to even utilize the XRPL.

The winners who are chosen by the fund are judged and voted on by a group of representatives from the XRP Ledger foundation as well as community members.

It is expected that the continued investment and capital provided by the company will promote long-term organic growth of the XRP ecosystem.

This would be remain to be essential even as the crypto market is going through a persistent bear market and while the company is facing a lawsuit.

CoinTelegraph concludes:

The vice president also shared that Ripple is prioritizing NFT projects because “We see a tokenized future quickly becoming reality. In fact, the World Economic Forum projects that 10% of the world’s GDP will be tokenized by 2027—just five short years from now!”

He added that Ripple’s Creator Fund can help accelerate adoption by attracting a broader community of creators to participate in and benefit from NFTs.

He said Ripple has taken a “no smart contract needed” approach to make it easier and faster for any developer to access all essential NFT functionality natively on the XRP Ledger through basic API calls, including minting, burning, exchanging and assigning royalties.

Ripple hopes to position the XRP Ledger as a premier platform for minting and managing NFTs, and a place where 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 a tokenized future.

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