Ripple Pushes Out A $250 Million Creator Fund For NFTs On XRP Ledger

Ripple is continuing its wave of development, as the company behind once the third-largest crypto to date now offers a total of $250 million to explore new use cases for NFTs on the XRP Ledger (XRPL).

Ripple announced the fund creation during XRP Ledger’s Developer Summit, dubbed APEX 2021. According to the announcement, the new fund would enable creators to engage more deeply with their communities, as well as 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,” Ripple noted in its announcement.

The intended purpose of the XRP Ledger, launched in late August 2021, is to provide a public, decentralized blockchain for NFT minting and management. XRP Ledger is a fast, reliable, and energy-efficient tool for creators to mint, launch, transact NFT art, excluding the need for Layer-2 scaling solutions.

However, Ripple’s latest NFT jump was delayed for quite some time, with projects like Ethereum, Solana, Cardano, and Polygon already joining the NFT blooming industry.

Meanwhile, XRP’s Ledger aims to improve the entire NFT creator community and to solve other various problems. The new Creator Fund seeks to provide technical and financial support for NFT art creators and premium NFT marketers.

Currently, over 5,400 unique NFTs have been issued or traded on XRP’s Ledger since August. Furthermore, the near-real-time settlement, combined with Ripple’s deep liquidity tool, also helps NFT creators to be calm about their tokens not gaining traction, or failing.

The Ledger also claims to be up to 120,000x more capable than other POS and POW blockchain networks.

Furthermore, Ripple announced that the company is working together with various NFT marketplaces and agencies, like MintNFT and Mintable and their premier agency partner VSA Partners. The NFT partners can access the Creator Fund and develop new tokenization use cases, and XRPL integration for a seamless NFT experience for developers.

However, the announcement didn’t trigger the anticipated positive XRP price response, as Ripple is still struggling to securely overcome the $1 barrier. During the past ten days, Ripple’s XRP token tumbled down to $0.87, with a rollercoaster price ride to the present day.

Source: CryptoBrowser

As of press time, Ripple’s XRP token is trading for $0.9488 after a three-percent daily uptick and a substantial trading volume increase.