Ripple announces the launching of an NFT $250 million ‘Creator Fund’. Additionally, this is for exploring new use cases for non-fungible tokens (NFTs) on the XRP Ledger (XRPL).
Furthermore, The huge fund will provide financial, technical, and creative support for creators. Also, brands, and marketplaces, as the company together with NFT marketplaces Mintable and mintNFT. Not forgetting, brand design agency VSA Partners.
“The fund will provide 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,” said Ripple.
🎤 We’re incredibly excited to launch our $250 million Creator Fund to enable creators to explore new use cases for #NFTs on the #XRPLedger and engage more deeply with the communities they care about. — Ripple (@Ripple) September 29, 2021
XRPL is an open-source, decentralized blockchain, supporting the tokenization of any asset. Of course, this includes NFTs, operates a built-in decentralized exchange (DEX), facilitating fast settlement at low cost with royalties built in.
The announcement reveals that “the XRPL’s consensus mechanism powers low-cost transactions,…”
“….Compared to the huge fees sometimes required on some other blockchains…” “…Carbon-neutral and up to 120,000x more efficient than leading proof-of-work blockchains,…”
“…the XRP Ledger provides developers with the unique capability to run highly sustainable NFT apps and marketplaces.”
XRP NFT to Solve Challenges
The company reveals that, “many creators are still hesitant to engage with NFTs because…”
“…of technical concerns about NFT platforms or for fear that their NFTs won’t gain traction.”
Furthermore, “developers can also be set off by clunky user experiences, high transaction fees…” “…and environmental impact concerns with minting on many other platforms,”
Also, Ripple goes on to mention some serious challenges that the $250 million ‘Creator Fund’ will seek to solve.
“Ultimately, we believe NFTs embodies the promise of tokenization and represent a tipping point for its embrace by the mainstream…” “…Through the Creator Fund and the XRPL, we’re excited to unleash new utility for NFTs and accelerate the broader shift to tokenization,” the company makes conclusions on the announcement.
XRP Price NFTs Reactions
After the Announcement stating,
#Ripple is launching $250 million fund to explore new use cases for #NFTs on the #XRPL and #XRP’s price barely flinched. This market is beyond irrational 😂 — XRPcryptowolf (@XRPcryptowolf) September 29, 2021
However, The token’s price is still currently trading at around $0.9. Only seeing a small 1.22% price increase in the past 24 hour.
