Ripple launches $ 250 million fund for NFT creators and aims to mark a tipping point for their mainstream adoption.
Ripple Labs is launching a new fund to research use cases for non-fungible tokens (NFT) on its ledger. The focus should be on creatives of different stripes, marketplaces and brands. The project is consequently given the name “Ripple’s Creator Fund “. In an announcement , Ripple said the $ 250 million fund would focus on accelerating adoption in the crypto space by working with NFT. The platform said it wanted to address concerns about the coinage of the tokenized works of art. These include “awkward” user experiences, high transaction fees and the much discussed negative impact on the environment.
Ripple wants to address these challenges. The platform aims to provide financial, creative and technical support that the creators need to develop and implement new NFT use cases.
According to the announcement, NFT marketplaces, including MintNFT and Mintable, as well as creative agencies will be among the first to have access to the fund. Any proposed NFT use case would build on the XRP ledger. This gives the authors the direct opportunity to monetize their work. David Schwartz, CTO of Ripple, previously cited the low cost, high speed, and payment capabilities of the ledger to “streamline the creation of NFT on a large scale.”
Ripple participated in the investor round for Mintable
Mintable is a marketplace where digital content is converted to NFT and offered for sale. The name comes from the English verb “to mint” for minting coins. It wasn’t until June that Mintable completed a $13 million investment round . No one less than Ripple was one of the biggest donors of this round. In July , Mintable also announced that it would integrate the XRP ledger. This is “ideally suited to offer a seamless experience for NFT”. Mintable has minted more than 700,000 NFTs since 2020.
Both Ripple and Mintable have publicly spoken out on the environmental concerns in the crypto space. While Ripple has pledged to go carbon neutral by 2030, the company has also said its XRP ledger is already carbon neutral. In addition to being environmentally friendly, another great advantage of the XRP ledger is the lower transaction fees. These are significantly higher with Ethereum, on which the majority of the NFT mark is currently based .