Blockchain payments firm Ripple Labs Inc has launched a $250 million fund designated to assist power the growth and development of Non-Fungible Tokens (NFTs).
As introduced by Ripple, the fund, dubbed the Ripple Creator Fund, will help all creators, brands, and marketplaces explore new use cases for NFTs on the XRPL, leveraging its inherent benefits of speed and cost, and sustainability.
Based on Ripple, the most popular use cases of NFTs, including the digital arts and collectibles, are simply the tip of the iceberg within the large potential of the technology behind the technology. Citing the improved user-experience design of the XRP Ledger, Ripple says it’s assured it has the correct infrastructure to assist all creators harness the large potentials of NFTs.
“The Creator Fund can help accelerate this adoption by attracting a broader community of creators to take part in and benefit from NFTs. Digital art and collectibles are solely the information of the NFT iceberg—with the help of the Creator Fund and the power of the XRP Ledger as a premier platform for minting and managing NFTs, creators and builders can proceed to discover utility in NFTs via use cases similar to asset ownership and interactive experiences that may assist result in this tokenized future,” Ripple mentioned in the announcement.
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NFTs are steadily turning into mainstream, with multinational brands making their manner into rolling out collectibles resident within the NFT metaverse. Amongst the famous brands with NFT collections include Marvel Studios, Time Magazine, and Dolce & Gabbana. The broad acceptance of Non-Fungible Tokens has additionally led to the emergence of such marketplaces as OpenSea and Rarible.
Drawing on the energy-saving capabilities of the XRP Ledger, Ripple mentioned the Creator Fund is targeted at supporting all of those major stakeholders, a transfer that will further be actualized by the distinctive partnerships it is currently securing.
Source: BlockchainNews
