$250m Fund to Help Boost NFT Market
Ripple announced a $250 million fund to expand its NFT initiatives during Apex, the XRP Ledger Developer Summit. The Creator Fund is a new fund that focuses on tokenization advances, especially in the NFT industry. Creators, brands, and marketplaces can all benefit from the funds. Those who look into new NFT use cases in the Ripple ecosystem could be among the first to receive the funding. Because of the XRO Ledger’s various benefits, including speed and price, Ripple claims to be able to help the company.
“The Creator Fund can help accelerate this adoption by attracting a broader community of creators to participate in and benefit from NFTs. Digital art and collectibles are only the tip of the NFT iceberg—with the support of the Creator Fund and the power of the XRP Ledger as a premier platform for minting and managing NFTs, 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 this tokenized future.” Ripple Announced
According to Ripple, the current state of the NFT sector isn’t great. Due to technological obstacles, many artists are afraid to enter the market, and many developers are still having issues with blockchain user experiences. The XRP Ledger may be able to help with some of these concerns (XRPL). Ripple will provide financial, artistic, and technological assistance to eligible performers in order to help them become engaged sooner. The most recent fund includes collaborations that can help budding actors take their first steps faster. Two NFT marketplaces, Mintable and mintNFT, will interface with the XRPL as a result of the current partnership.
Ripple believes that XRPL has all of the required features and benefits to help the NFT sector expand faster. The open-source, decentralised blockchain fully supports tokenization, which is at the heart of NFT use-cases.