NFTs or Non-fungible tokens alongside their developers are creating waves in different industries, ranging from music and art to gaming and real estate. There is no market that remains untouched by the NFTs as underlying public blockchain technology, as well as the variety of use cases that continue gaining momentum over the years.
In an attempt to offer continuous enablement of the NFT creation, the Ripple team recently launched a Creator Fund for Ripple. The fund includes a commitment of $250 million exclusively for supporting the NFT creators by using the XRPL or XRP Ledger in order to explore NFT project limits as well as its use cases. By offering necessary tools, partnerships, and financial support to the NFT creators to allow them to get a headstart for their NFT project on XRPL, the team is planning to integrate a global creators community who are pioneers of this space and are finding more use cases for digital tokenized assets.
XRPL: Built for global NFT Creators & Developers
XRPL or XRP Ledger has a native XRP token functionality and easy usability feature built into the ledger by design. NFT-Devnet is a beta environment released in mid-January to improve NFT support on XRPL. It lowers all kinds of technical limitations to entry and allows creators to start creating their NFT projects or join the Web 3.0 movement and test the use cases of the tokenization process.
A few key advantages of using XRPL for creating NFTs:
- Fastest transactions – Received about 70 mn closed ledgers, ever since its inception in 2012, with the fastest transaction speed, taking about 3 to 5 seconds to process.
- Low Fees – Transactions are processed at a fraction of a dollar per transaction. The cost of transactions using XRPL is inexpensive to allow a wide range of use cases.
- Sustainability – XRPL is the 1st major public blockchain that was made carbon-neutral. This maintains neutrality and is more optimum and efficient compared to other leading blockchains.
- Simplicity – What is interesting to note is that NFT-Devnet always pre-programs the activities that any NFT user may want to achieve, including burning, trading, minting, requiring royalties, trading, metadata, and many more.
- Decentralized and Public – The XRPL is an open-source that is available to all those who wish to create NFTs. It is maintained by the global NFT creator community.
Regardless of the user’s experience level in the world of NFT creation, NFT-Devnet is extremely easy and quick to start with and to create and test the next NFT projects on the platform. It is fully customizable and developed to expand and scale alongside every use case, whether small or large.
Expanding Partnerships with NFTs
Ever since the Creator Fund for Ripple was launched, NFT-Devnet has received around 4000 applicants who submitted projects that primarily focused on the NFT use cases in various spheres such as gaming, metaverses, art, collectibles, music, entertainment, and beyond. Many recipients of the Creator Fund who are creating NFT projects and taking them to a whole new level include Steven Sebring, xPunks, Justin Bua, among many others.
The team has witnessed some of the truly inspiring and unique NFT projects coming to life on XRPL. Collaborating with marketplaces partners has allowed them to ensure that NFTs can be smoothly created, traded, utilized, and sold within the XRPL creator community. Partners of this platform include MintNFT, Mintable, NFT PRO, onXRP and External Labs, as well as creative agencies such as VSA that helps businesses and brands break into NFT, create exciting brand experiences, and share creations with a broader NFT global community.
What is in store for NFTs?
The early use cases of NFTs were primarily centered around art, collectibles, and avatars, but now more utility-based apps are starting to emerge. With more advancement of the technology and use cases of NFTs, it is the real-world apps that continue to enhance the NFT experiences for the creator community. As NFT projects are being created, tested, and reviewed on NFT-Devnet, there is no doubt that the RippleX team will uncover more tokenization capabilities on XRPL. The team will launch new NFT standards in the upcoming software launch with the hope that new NFT capabilities and experiences keep inspiring ground-breaking projects as well as brand-new apps by the extremely talented XRPL creator community.