Ripple to support NFT projects on XRP Ledger, debuts $250 million fund
Blockchain-based global payments network, Ripple, is looking to bring NFT exposure to the XRP Ledger following the launch of its $250 million "creator fund" on Wednesday.
The fund is aimed at supporting non-fungible token (NFT) projects on the XRP Ledger. It also seeks to provide NFT artists and marketplaces with financial, creative, and technical support. To facilitate its latest foray into the NFT space, Ripple has inked a partnership with creative agency VSA Partners and NFT marketplaces mintNFT and Mintable.
Ripple confirmed that minting NFTs on the XRP Ledger offers a cost-efficient process and drives utility through use cases such as "interactive experiences and fractional ownership." It also has an in-built decentralized exchange where users can trade tokens for XRP or transact with each other.
It is becoming a common trend for companies to reward projects building on their native blockchains. Recently, Ethereum challengers, including Avalanche and Terra, launched rewards programs to attract decentralized finance (DeFi) projects to their blockchains.
These platforms typically provide funds in their native tokens. However, in the case of Ripple, it is unclear whether the company's creator fund is denominated in USD or XRP.
The NFT industry has continued to capture the attention of creators, investors, and collectors. Even more interesting is the fact that the sector is evolving to include new concepts like NFT-based play-to-earn games.
Speaking of innovation, BitColors is a new NFT collection that seeks to give users the right to own and trade colors.