Ripple is supporting the development of NFTs with a $250 million fund that will attract talented artists and creators to its blockchain network.
The company developing the cryptocurrency XRP, Ripple Labs, announced the creation of a $250 million fund to support the work of artists and creators in the world of NFTs and blockchainRipple reported the news through a publication on his blog, where he invited content creators, artists, brands and others interested in the non-fungible tokens, to explore new use cases for this innovative technology through its blockchain, which offers support for NFTs.
Through its fund Ripple Creator Fund and its highly scalable blockchain network XRP Ledger (XRPL), Ripple wants to foster innovation in tokenization, with a focus on NFTs. The company reported that the fund will provide financing to artists, creators, and brands, in addition to other benefits such as marketing, creative support, and much more.
The cryptocurrency company's new vision is to drive new use cases for NFTs, far beyond crypto collectibles and crypto art. “Digital art and collectibles are just the tip of the NFT iceberg”, the company noted.
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Ripple Labs and NFTs
In the post, Ripple noted that NFTs have quickly become a global phenomenon, helping to build an accessible and fair tokenized future for all. According to the company, the innovation of NFT tokens will allow for the creation and promotion of new business models that empower more people in the world.
Ripple wants to incentivize creators and developers to continue exploring the utility in NFT tokens, utilizing the most innovative applications and use cases of this technology, such as asset ownership and interactive on-chain experiences, to help build the tokenized future. Ripple’s goal is also to discover new, previously unexplored use cases and applications for non-fungible tokens.
Through its blockchain, Ripple will offer a scalable and highly sustainable space for the creation, minting, and management of NFTs on a large scale. XRPL will allow artists and creators to monetize their work efficiently and securely, while developers will be able to enjoy speed and low cost without the need to implement second-layer protocols or solutions, the company reported. Ripple's blockchain also ensures high efficiency and zero environmental impact; something that has become one of the great controversies of the blockchain industry and the NFT market.
Tokenized future
The World Economic Forum projects that by 2027, 10% of the world’s gross domestic product (GDP) will be tokenized, Ripple Labs cited in its post. For this reason, the cryptocurrency company’s new focus is on accelerating the adoption of this innovative technology, attracting a broader community of artists and creators to participate and benefit from the enormous potential of NFTs.
Ripple Labs is also partnering with major companies, such as global creative agency VSA Partners, and NFT marketplaces, such as Mintable, to offer a more complete experience to its artists, creators, and developers, while driving NFT adoption among these companies’ customers.
“Through Creator Fund and XRPL, we are excited to launch a new utility for NFTs and accelerate the broader shift toward tokenization.”
Ripple created a web portal for its NFT fund, where artists, creators and developer communities can apply now.
Rise of NFTs
Top NFT projects are moving a monthly sales volume of more than $1.600 billion, according to data from DappRadar. To date, companies like Visa and Google are already participating in this industry, which gives us an idea of how important this technology is becoming.
Visa, the multinational financial services and electronic payments company, invested over $150.000 in a CryptoPunk NFT in late August. The company said the reason behind its investment is that CryptoPunks have become a “cultural icon” and one of the main drivers of the modern CryptoArt movement. The CryptoPunk purchased by Visa is now part of its collection of historical objects.
On the other hand, Google, the Internet giant, is associated with blockchain and NFT company Dapper Labs, developer of the Flow blockchain and NBA Top Shot platform. The partnership between Google and Dapper Labs will help the company scale its Flow blockchain network, boosting the development of NFTs, blockchain games, and decentralized applications.
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