As NFTs continue to dominate the crypto space, Ripple, a fintech company based in San Francisco, has launched a creator fund to encourage the development of non-fungible tokens (NFTs) on its blockchain. According to reports, the creator fund is worth about $250 million and would be used to aid NFT projects building on the XRP Ledger.

The fund will be used to provide NFT artists, creators as well as marketplaces the financial and technical support they would need to ensure that the XRP Ledger becomes a stronghold for NFTs. to bring to this reality, Ripple announced a recent partnership with VSA Partners, a creative agency alongside mintNFT, an NFT marketplace and mintable. This partnership is geared towards facilitating the much-needed development and growth of the platform.

The increased global awareness and interest, including the growth in NFTs around the world, has opened up new business models and sources of revenues and fostering a new relationship between crypto communities and people. Although NFTs are hugely popular and lucrative, it is not without its challenges.

Many NFT creators are faced with the challenges of beginning their journey of creating high-ranking NFTs, such as the thoughts that their NFTs will not prove lucrative or be bought alongside little or no understanding of NFT ideas. Also, developers often encounter the challenge of high transaction fees and poor user experiences on some NFT platforms and marketplaces.

Although digital art and collectibles have sparked widespread interest, there is more to NFTs than these applications. Ripple’s $250 million Creator Fund aims to create longtail use cases for tokenization, such as interactive experiences and fractional ownership, through the support they provide these brands, marketplaces, and artists.

Minting NFTs on the XRP Ledger will prove to be a smart innovation as it is both cost-effective and user-friendly. Since its debut, Ripple says that XRP Ledger’s built-in decentralized exchange has facilitated the issue or trading of over 5,400 distinct tokens. It also claims to be 120,000 times “more efficient” than current proof-of-work blockchains.

Set to take over the Scene

Prior to this time, Ripple had left the NFT scene to other big players like Ethereum, but after deciding to tackle high gas fees, Ripple activated NFT features on its XRP Ledger. Since it set out to play its part in the NFT scene, it is not yet known if Ripple’s creator fund is denominated in dollars or XRP.  Recently, it has become a common trend for companies to reward projects building on their blockchain, and there is an intense battle to attract decentralized finance projects on different blockchains by some top ecosystems. It is exciting to see how far Ripple would be willing to go to attract new projects and brands to its platform.

About Ripple

Ripple is committed to achieving significant improvements in financial efficiency, equity, and inclusion. The platform is also developing and supporting future use cases that will help governments, corporations, and consumers benefit from the new digital economy. Click here to know more about Ripple.