Ripple Launches $250 Million Creator Fund to Support NFTs on the XRP Ledger

Ripple, one of the leading global Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term firms, recently launched a $250 million creator fund to help explore new use cases for non-fungible tokens (NFTs) on the XRP Ledger (XRPL). Additionally, Ripple announced that the company is collaborating with innovative NFT marketplaces and creative agencies.

Ripple highlighted the growing popularity of the NFT market and mentioned that the newly introduced creator fund will accelerate the global adoption of NFTs. Ripple also outlined the key benefits of XRP Ledger. The latest announcement from the blockchain firm came nearly one week after the company announced a partnership with Bhutan’s Central Bank.

Commenting on the recent announcement of the launch of Creator Fund, Monica Long, GM of RippleX at Ripple, said: “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 Tokenization Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Read this Term use cases on the XRP Ledger.”

NFTs and XRP Ledger

In an official announcement on 24 May 2021, Ripple mentioned that the company is planning to enhance NFT support on the XRP Ledger. Ripple highlighted that XRPL offers several advantages including high speed and low cost.

“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. The XRP Ledger is a decentralized, open-source blockchain,” Ripple mentioned.

Ripple collaborated with Mintable, mintNFT and VSA Partners to support NFT projects on the XRP Ledger. Following the announcement, the price of XRP jumped by more than 5%.