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Ripple Launches $250M NFT Fund
Creators, brands and marketplaces will be given support to explore how the XRP Ledger’s speed and cost can support new use cases for NFTs.
Updated May 11, 2023, 4:00 p.m. Published Sep 29, 2021, 1:44 p.m.
Ripple is launching a $250 million fund focused on exploring new use cases on non-fungible tokens (NFTs) on the XRP Ledger (XRPL).
- The fund, unveiled Wednesday as part of Ripple’s XRPL developer summit, will aim to foster innovation in tokenization with a focus on NFTs.
- Creators, brands and marketplaces will be given support to explore how the XRPL’s speed and cost can support new uses for NFTs.
- The Creator Fund is being launched by Ripple in partnership with NFT marketplaces Mintable and mintNFT, and brand design agency VSA Partners.
- Ripple has been relatively absent so far from the NFT battleground, which has largely been dominated by Ethereum, with other ecosystems such as Solana also competing.
- The potential for the XRPL as a platform for NFT trading was highlighted by Japan-based financial services firm SBI Holdings in its “Building a More Sustainable, Scalable, and Accessible Future for NFTs with XRPL” report in July.
- “The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets,” the report said.
Read more: Cardano’s Commercial Arm to Invest $100M in DeFi, NFTs and Blockchain Education
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