Ripple’s Creator Fund Launches NFT Projects On XRP Ledger

By Kevin • February 21, 2023 10:36 pm • Comments

It looks like Ripple has once again made an accurate prediction on the trends that are happening within the blockchain and crypto industry.

One of the focuses that Ripple has had for the past couple of years is the potential growth of utility based NFTs which the company expected to grow significantly in 2023.

Ripple CTO, David Schwartz, commented that NFTs will start to have real world utilities in the near future where they could be used for things such as concert tickets or having exclusive access to content.

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As a result, the company is looking to take advantage of this new wave by enabling a bunch of NFT projects on the XRP ledger.

The projects have been made possible through Ripple’s Creator Fund which has support NFT creators to develop content within its ecosystem.

Ripple.com reports:

Last October, Ripple brought a wave of NFT creators transforming the entertainment and media industry—specifically music—through its Creator Fund.

Today, Ripple is unlocking new tokenization use cases on the XRP Ledger with creators focused on blending physical and digital experiences with real-world utility.

Since XLS-20 hit Mainnet, the XRP Ledger saw hundreds of projects benefit from the XRP Ledger’s low-cost, carbon-neutral, instant settlement, and built in royalty structures—maximizing value for NFT creators and their communities to consume content.

Ripple has continued to invest in functional NFT projects through its Creator Fund, a $250 million commitment to foster innovation in tokenization. The Creator Fund provides financial, creative and technical support to help NFT creators bring their projects to life on the XRPL, stretch the bounds of what’s possible and explore new use cases for NFTs.

The type of NFT projects that the Creator Fund has made possible span across many different industries and unique use cases.

Many of them focus on giving users exclusive access to artists or other types of content creators which indicates that this is a very popular use cases.

If the industry starts to realize that content creators that utilize these NFTs are able to gain more popularity and monetize their content, it could very well influence other creators to do the same.

If this trend takes off, its possible that the use of NFTs for the creator space could become mainstream and Ripple would be in a perfect position to take advantage of that growth.

As always, the company is finding alternative ways to continue its growth and expanding the XRP ecosystem despite the current lawsuit with the SEC.

Ripple concludes:

It’s exciting to hear firsthand from these visionary creators how they plan to leverage NFTs on the XRPL. As Romain Lohezic of TraumAmnesia says, “The arrival of NFTs is a total game changer for creators.

The speed of transfer, carbon neutrality and simplicity of the XRPL are major pluses. As an artist, I’m very happy to participate in the development of this use case at scale.”

The Creator Fund today has attracted over 5,000+ applications to-date to realize the value and benefits of the XRP Ledger for tokenized assets.

Throughout the remainder of 2023, Ripple will double down on this year’s previously announced winners to bring their projects to life.

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