Ripple is launching a $250 million fund centered on exploring new use instances on non-fungible tokens (NFTs) on the XRP Ledger (XRPL).
- The fund, unveiled Wednesday as a part of Ripple’s XRPL developer summit, will intention to foster innovation in tokenization with a concentrate on NFTs.
- Creators, manufacturers and marketplaces will likely be given assist to discover how the XRPL’s pace and value can assist new use instances for NFTs.
- The Creator Fund is being launched by Ripple in partnership with NFT marketplaces Mintable and mintNFT, and model design company VSA Companions.
- Ripple has been comparatively absent so removed from the NFT battleground, which has largely been dominated by Ethereum, with different ecosystems reminiscent of Solana additionally competing.
- The potential for the XRPL as a platform for NFT buying and selling was highlighted by Japan-based monetary companies agency SBI Holdings in its “Constructing a Extra Sustainable, Scalable, and Accessible Future for NFTs with XRPL” report in July.
- “The blockchain XRP Ledger has the flexibility to tokenize not solely XRP but additionally quite a lot of different property,” the report mentioned.
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