Ripple has unveiled a $250 million Creator Fund aimed at enabling creators to explore new use cases for NFTs on the XRP Ledger (XRPL).
According to a Wednesday announcement which is part of APEX 2021, XRP Ledger’s Developer Summit, Ripple said that this fund would also enable creators to engage more deeply with the communities they care about by supporting creators to build and monetize accessible and innovative NFT experience on the ledger.
“The fund will provide targeted support for creators, brands, and marketplaces to explore new use cases for NFTs on the XRPL leveraging its innate advantages of speed, cost, and sustainability.” The announcement read.
The XRP Ledger first launched mainnet in late August is a decentralized, public blockchain for minting and managing NFTs. Its fast, energy-efficient and reliable model allows NFT creators to mint, launch, and transact their art at incredibly low transaction costs without the need for Layer-2 protocols.
Ripple which has kept from going mainstream with NFTs for a long time now joins the likes of Solana, Ethereum, Cardano, Polygon, and other established networks in the booming industry.
What It Seeks To Solve
The XRP Ledger seeks to solve various problems bedeviling the NFT creator community especially from a technical standpoint and the fear that their NFTs will lose or fail to gain traction. Through the fund, Ripple seeks to provide financial, co-marketing; technical, and agency supports from partners who are well versed in crafting premium NFT projects.
The high transaction fees and environmental impact concerns raised on a list of networks that are currently facilitating NFT minting and transactions are also a quandary the ledger seeks to improve.
At press time, more than 5,400 different tokens have already been issued or traded on XRPL’s inbuilt decentralized exchange (DEX) since launch thanks to its near-real-time settlements and deep liquidity. The platform also boasts of very tasteful low-cost transactions and being up to 120,000x more capable than other POS and POW blockchain networks.
As part of today’s announcement, Ripple also disclosed that it was teaming up with various NFT marketplaces and creative agencies starting with MintNFT and Mintable and their premier agency partner VSA Partners. These partners will have access to the fund to unlock new tokenization use cases as well as integrate with XRPL to deliver a seamless NFT experience for developers.
Ripple is betting on the NFT industry forming a significant chunk in the 10% of the world’s GDP by 2027 as predicted by the World Economic Forum.