Ripple, one of the leading global blockchain companies, recently launched a $250 million innovative fund to help creators explore new use cases for non-fungible tokens (NFTs) on the XRP Ledger (XRPL). Ripple also announced that the company is collaborating with innovative NFT Markets and creative agencies.
Ripple highlighted the growing popularity of the NFT market and stated that the newly introduced Innovator Fund will accelerate the global adoption of NFTs. Ripple also outlined the main benefits of the XRP Ledger. The latest announcement from the blockchain company came about a week after the company announced a partnership with the Central Bank of Bhutan.
Commenting on the recent launch of the Creator Fund, Monica Long, General Manager of RippleX at Ripple, said: “While NFTs have opened the door to a token future, navigating these concepts is actually a different ball game for many. Taking the guesswork out of NFT projects to unlock use cases for undiscovered tokens on the XRP ledger.”
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NFTs and XRP Ledger
In an official announcement on May 24, 2021, Ripple stated that the company plans to boost NFT support on the XRP Ledger. Ripple highlighted that XRPL offers many advantages including high speed and low cost.
“The minting of NFTs on the XRP Ledger will enrich the experience for creators who are looking for new ways to monetize their businesses. For developers, the innate performance advantages of XRP Ledger—speed, low cost, and built-in returns—make it ideally suited to running the NFT utility on Large scale, and without the need for Layer 2 protocols. Library support is also available to simplify NFT integrations and bypass direct XRPL development. The XRP Ledger is a decentralized and open source blockchain.”
Ripple has partnered with Mintable, mintNFT, and VSA Partners to support NFT projects on the XRP Ledger. After the announcement, the price of XRP jumped more than 5%.