Ripple Launches $250 Million Creator Fund Bringing NFTs to Ledger
Ripple has announced a $250 million Creator Fund to let developers experiment with novel uses for NFTs on the XRP Ledger (XRPL).
Ripple, in its statement, said that as part of the APEX 2021, XRP Ledger’s Developer Summit, the fund would allow creators to connect with the communities they work for by assisting them in developing and monetizing accessible and innovative NFT experiences by using the ledger.
The XRP Ledger, which went live on the mainnet in August, is a completely decentralized and public Blockchain that allows users to mint and manage NFTs. NFT artists can mint, launch, and exchange their work at very cheap transaction costs thanks to its quick, energy-efficient, and stable architecture.
Ripple has joined established networks such as Solana, ETH, Cardano, Polygon, etc., in the growing NFT sector.
What Ripples wants to Solve
The XRP Ledger aims to address several issues faced by the NFT creation community, particularly the technical viewpoint and the concern of their NFTs losing or failing to acquire traction. Ripple hopes to use the fund for financial, marketing, technical assistance, and agency help from experienced partners in developing high-quality NFT initiatives.
Due to its real-time settlements and excellent liquidity, over 5,400 distinct tokens have been created or exchanged on XRPL’s integrated decentralized exchange (DEX) since its debut. The technology also promises to be up to 120,000x more powerful than existing POS and POW Blockchain networks, with extremely smooth, low-cost transactions.
Ripple also announced today that it was partnering with several NFT markets and agencies, beginning with MintNFT and Mintable and its top agency partner VSA Partners. The partners will have access to the fund and will be able to interact with XRPL to provide a smooth NFT experience.