Ripple is creating a $250 million fund to provide financial and technical support to developers looking to craft premium NFT projects issued on the XRP Ledger (XRPL).
Ripple first dipped its toes into the nascent NFT space in July, joining a a $13 million funding round in Mintable, an NFT marketplace that enables users to create, buy, and sell digital items using fiat or cryptocurrency.
The new Creator Fund will work with Mintable and other partners, including creative design agency VSA and NFT marketplace mintNFT, to help businesses and developers build compelling propositions and 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,” says 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.”
The XRP Ledger operates a built-in decentralized exchange (DEX) for fast settlement for tokenized assets of all types with royalties built in.