Blockchain and crypto solutions provider Ripple has launched a $250 million fund to support non-fungible token (NFT) projects on the XRP Ledger (XRPL).
The ‘Creator Fund’ would provide NFT artists with funding and co-marketing support, technical support for utilizing the XRP ledger, and creative support for crafting premium NFT projects.
Ripple has also partnered with NFT marketplaces and creative agencies including VSA Partners, mintNFT, and Mintable. The company announced that minting NFTs would be a low-cost, highly efficient experience for NFT creators with built-in royalties for artists.
Also, according to the announcement, the Decentralized Exchange (DEX) in-built in XRP blockchain will enable users to issue and trade more than 5,400 tokens along with benefits such as real-time settlement and higher liquidity.
Monica Long, GM of RippleX at Ripple, said in a statement:
“While NFTs have opened the door for a tokenized future, actually navigating these concepts is a different ball game for many. By starting with marketplaces and creators, our fund seeks to take the guesswork out of NFT projects to unlock unexplored tokenization use cases on the XRP Ledger.”
While the NFT space has largely been dominated by the Ethereum blockchain, its rivals such as Avalanche, Solana, and Terra have launched programs to attract NFT and other DeFi projects on their platform.
Ripple largely excluded itself from the NFT market until recently. In July, Ethereum-based NFT marketplace Mintable announced plans to integrate the XRP ledger into its platform.
Also, Japanese financial group SBI Holdings highlighted the potential for the XRPL as a platform for NFT trading in its July report. The report suggested that XRPL’s low transaction fees and real-time settlement system make it an attractive choice.