Ripple acts to capitalize on an emerging NFT market as the world bank projects that by 2027, 10% of world’s aggregated gdp will be tokenized.
Ripple Invests $250 Million Under Creator Fund Program
In a recent press release on Sep 29, Ripple, parent to one of the most efficient blockchain ecosystems around the globe, announced that they are investing $250 million to help developers explore NFT user cases, create, sell and manage tokens using XRPL ledger.
Announced as a part of XRPL ledger development summit, Apex, the investment has come under Ripple’s creator fund program. According to Ripple the fund will enable marketplaces, brands, and individual creators to explore NFTs’ new user cases, using XRPL ledger, that features speed, sustainability and low cost. Ripple asserted:
“Since day one, we’ve viewed crypto and blockchain as powerful levelers, unlocking access and equity for everyone.”
They will help build the tokenized future, leading to growth of new business models, and will also assist people to engage with communities they care about, more passionately.
Ripple to Build a Better NFT Ecosystem
Ripple noted, while collectibles and digital art is only the tip of the NFT-iceberg, they are focusing to expedite NFT adoption through attracting a broader community of creators to participate and benefit from NFTs. Ripple said at the current moment people are discouraged from engaging with NFT space, due to various reasons including high costs, low sustainability, and clunky user experience.
Ripple plans to combat these problems by financial, Co-marketing, technical and creative support to provide superior user experience to creators and help them craft premium NFT projects.
To turn its plans into reality, Ripple has partnered with mintNFT, Mintable(NFT Marketplaces), and VSA(a creative agency. Ripple had made its first investment in NFT by participating In Mintable’s successful fundraising event, through which the marketplace has raised over $13 million.