Ripple jumps on the NFT bandwagon and launches $ 250 million ‘creator fund’

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Ripple has recently announcement the launch of a $ 250 million ‘creation fund’ aimed at exploring new use cases for non-fungible tokens (TVN) on the XRP General Ledger (XRPL).

The big fund will provide financial, technical and creative support to creators, brands and markets, as the company has partnered with NFT Mintable and mintNFT markets, and branded design agency VSA Partners.

Without the need for Layer 2 protocols

“The fund will provide targeted support to creators, brands and markets to explore new use cases of NFTs on XRPL by leveraging its innate advantages of speed, cost and durability,” said Ripple.

XRPL, an open-source decentralized blockchain that supports tokenization of any asset, including NFTs, operates an Integrated Decentralized Exchange (DEX), facilitating rapid, low-cost settlement with built-in fees.

According to the announcement, “XRPL’s consensus mechanism enables transactions at low cost, compared to the huge fees sometimes required on some other blockchains. Carbon neutral and up to 120,000 times more efficient than leading proof-of-work blockchains, XRP Ledger offers developers the unique ability to run highly sustainable NFT applications and markets. ”

$ 250 million to alleviate the challenges of creators

According to the company, “many creators are still hesitant to engage with NFTs due to technical issues with NFT platforms or fear their NFTs will gain in popularity.”

As the announcement continued to explain how “developers can also be put off by clunky user experiences, high transaction fees, and environmental impact issues associated with typing on many other platforms,” ​​Ripple said addressed some of NFT’s main issues and creator challenges that the $ 250 million Creator Fund aims to alleviate.

“Ultimately, we believe that NFTs embody the promise of tokenization and represent a tipping point for its adoption by the general public. Thanks to the Creator Fund and XRPL, we are excited to launch a new utility for NFTs and accelerate the broader shift to tokenization, ”the company concluded in its announcement, while opening the creator application process.

How did XRP react?

It appears that the announcement did not affect the price of XRP.

The token, which is currently trading at around $ 0.9, has seen only a slight 1.22% rise in price in the past 24 hours.

Recently, the central bank of Bhutan in partnership with Ripple for using its infrastructure to drive a central bank digital currency (CBDC). Meanwhile, the company prepare bring the ongoing Securities and Exchange Commission (SEC) lawsuit to trial.

A d: Margin up to 20x on FTX.

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