Ripple, a San Francisco-based provider of enterprise blockchain and crypto solutions recently launched a $250 million fund to provide creators with the financial, creative and technical support needed to explore and craft premium non-fungible token (NFT) on the XRP ledger, according to media reports.
The new Creator Fund will work with Mintable and other partners, including creative design agency VSA and NFT marketplace mintNFT and it is expected to help businesses and developers build compelling propositions and enable long-term use of tokenisation.
Monica Long, GM of RippleX at Ripple told the media, “While NFTs have opened the door for a tokenised 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.”
The new fund also aims to support creators who face resistance while entering the market including the fear their NFTs won’t sell or those who don’t have a clear idea when it comes to navigating NFT concepts. Ripple aims to provide creative and technical support to a diverse array of marketplaces, creators, artists and brands. This, in turn, will enable longtail use cases for tokenisation.
Ripple is teaming up with innovative NFT marketplaces and creative agencies that recognise the potential of these assets. With the help of Ripple’s creator’s fund, partners are accelerating the evolution of NFTs while eliminating the pain points associated with the projects.