Ripple, a global leader in blockchain technology, has launched a $250 million creator funds to explore new uses for non-fungible tokens on the XRP Ledger. Ripple also announced its intention to collaborate with creative agencies and NFT marketplaces.
Ripple emphasized the increasing popularity of NFT markets and stated that the new creator fund will accelerate global adoption of NFTs. Ripple also highlighted the key benefits of XRP Ledger. Nearly one week ago, Ripple announced the latest announcement by the blockchain company. It was almost exactly one week since the company had announced a partnership to Bhutan’s Central Bank.
Monica Long, RippleX’s General Manager, commented on the recent launch of Creator Fund. Our fund will work with creators and marketplaces to help unlock new tokenization uses cases on the XRP Ledger.
NFTs and XRP Ledger
Ripple announced that they are planning to increase NFT support using the XRP Ledger in an official announcement made on 24 May 2021. Ripple mentioned that XRPL has many advantages, including speed and cost.
Creators looking for new ways to monetize their work will find it easier to mint NFTs on XRP Ledger. The XRP Ledger has a number of inherent performance advantages, including speed, cost and royalty, which make it ideal for developers to use NFT utility at scale without having to resort to Layer-2 protocols. Library support is available to facilitate NFT integrations, and avoid direct XRPL programming. Ripple stated that the XRP Ledger was a decentralized, open source blockchain.
Ripple partnered with Mintable and mintNFT to support NFT projects using the XRP Ledger. The price of XRP jumped more than 5% after the announcement.