Ripple Unveils First NFT Recipients of $250M Creator Fund
Blockchain solutions company Ripple (XRP) has announced the onboarding of nearly 4,000 creators across different non-fungible token (NFT) projects through its $250 million Creator Fund.
In a press release published on March 10, 2022, Ripple declared recipients include independent creators such as artists, musicians, game designers and builders.
Among the high-profile creators who will benefit from the fund are author, producer and entrepreneur Justin Bua, filmmaker Steven Sebring and xPunks.
Notably, the initiative is creator-centric and seeks to serve as a link between different artists with marketplaces and creative agencies. Most notable partners include Mintable, MintNFT, and VSA Partners.
In the statement, Ripple acknowledged the growing role of NFTs in the crypto space.
“NFTs have very quickly proven to have real utility in crypto, from digital experiences and rewards to artist royalties, co-ownership of real-world assets and more,” said Monica Long, Director General of RippleX at Ripple.
Ripple’s fund will always support creators
According to Ripple, the fund will still support creators on an ongoing basis accompanied by different themes per wave of application.
The latest recipients work under metaverse, games, art, and collectibles themes. Generally, the themes are aligned based on existing and emerging NFT use cases on the XRP Ledger.
The fund, which launched in September last year, aims to help creators produce cutting-edge NFTs.
Elsewhere, Ripple’s Ledger has been integrated with NFT Pro, Ethernal Labs and OnXRP marketplaces to enable faster transactions. The integration also comes with built-in royalty structures and co-ownership functionality.
Additionally, it also involves an integrated decentralized exchange (DEX) that facilitates rapid settlement of tokenized assets of all types, including NFTs.
Ripple is accelerating the presence of NFTs
In recent months, Ripple has accelerated its presence in the NFT space by exploring different use cases and strategic partnerships. Recently, the company also awarded Feature, an entertainment and music marketplace platform, a development support grant of $100,000.
The award is part of RippleX’s XRPL Grants program which aims to accelerate crypto differences, including payments, smart contracts, and NFTs.
The company also sees 2022 as a huge opportunity for cryptocurrencies. According to Finbold’s report, Ripple has identified cryptocurrencies as the new order of finance.
Notably, Ripple continues to venture into the emerging discipline of cryptocurrency despite the ongoing case with the Securities Exchange Commission. As the case drags on, the company expects to close by November 2022.
Finally, Ripple has also been caught up in the sanctions debate between Russia and the West regarding the country’s withdrawal from SWIFT. The company’s CEO, Brad Garlinghouse, acknowledged that they would abide by international law and sanctions.