Ripple enters NFT space with $250M Fund for Creators
Ripple announced a $250 million Creator Fund to support non-fungible token (NFT) projects building on the XRP Ledger.
Fund will provide creators with financial and technical support
According to Ripple, the fund will provide creators and their parents with financial and technical support, co-marketing, and creative agencies to fully monetize accessible and innovative NFT experiences on the XRPL. It will also provide applicants with access to XRPL marketplace partners for creators and developers.To make this possible, the company has partnered with creative agency VSA Partners and NFT marketplaces mintNFT and Mintable, as well as Mark Cuban, among others. The company recently participated in a $13 million funding round for Mintable. The network is calling creators, brands, marketplaces, and agencies working with NFTs to apply for the fund.
XRPL also has built a decentralized exchange
Minting NFTs on the XRP ledger will be a cost-effective process and increase utility through use cases such as "interactive experiences and fractional ownership," In addition, the XRPL also has a built a decentralized exchange (DEX) where users can exchange their tokens for XRP or with each other in a P2P format,Just last week, RippleX, the development arm of Ripple, announced the distribution of its first wave of XRPL grants to fund developers building projects based on XRPL. The focus was on the development of NFTs. RippleX selected 25 applicants from 10 countries and awarded them $2 million each.
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