Ripple, the leading provider of enterprise blockchain and crypto solutions, announced a $250 million fund to provide creators with the financial, creative and technical support needed to explore and craft premium non-fungible token (NFT) and other tokenization projects on the XRP Ledger.
The heightened interest and boom in NFTs globally has introduced new revenue streams and business models while deepening the mainstream’s relationships with the communities, people and things they care about. However, when it comes to creating state-of-the-art NFTs, many creators face barriers to entry–including the fear their NFTs won’t sell and a lack of understanding when it comes to navigating NFT concepts. Developers, meanwhile, are often burdened with high transaction fees and clunky user experiences on marketplaces or platforms.
While digital art and collectibles have quickly captured public interest and popularity, the utility of NFTs goes far beyond these use cases. By providing creative and technical support to a diverse array of marketplaces, creators, artists and brands, Ripple’s Creator Fund seeks to enable longtail use cases for tokenization—for example, interactive experiences and fractional ownership.
“While NFTs have opened the door for a tokenized future, actually navigating these concepts is a different ball game for many,” said Monica Long, GM of RippleX at Ripple. “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.”
Minting NFTs on the XRP Ledger will enrich the experience for creators seeking new ways of monetizing their works. For developers, the XRP Ledger’s innate performance advantages—speed, low cost and built-in royalties—make it ideally suited to drive NFT utility at scale, and without the need for Layer-2 protocols. Library support is also available to simplify NFT integrations and bypass direct XRPL development.
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The XRP Ledger is a decentralized, open-source blockchain. Its built-in decentralized exchange (DEX) provides fast settlement for tokenized assets of all types–including NFTs—while its Federated Consensus mechanism eliminates gas fees and „is 120,000x more efficient than blockchains that rely on proof-of-work validation”, the company said.
Credit photo: chubk.com
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
