Ripple joined the NFT boom by launching a $250 million creator fund and bets on the XRP ledger sustainability to lower transactions and open new opportunities in this space so let’s read more in today’s Ripple news today.
The digital artists and developers exploring the NFT sector can get funding and tech support through a brand new $250 million fund launched by Ripple. NFTs are units of data storage on a blockchain with the tokens acting as a digital receipt for assets that range from paintings, videos, and songs to collectibles and concert tickets. Developers are often burdened with high gas fees and a weak user experience on the marketplaces or platforms. Ripple thinks that the XRP ledger is well-suited to deliver a better NFT experience as it not only reduce transaction costs but is also environmentally friendly which is why Ripple joined the NFT sector.
The launch of Ripple’s creator Fund came after the participation of the company in a $13 million funding round in Mintable as an NFT marketplace that enables users to create, buy or sell digital items. In an interview, Ripple’s executive Monica Long described XRP’s ledger as a “Green alternative” to Ethereum with the latter being the most popular blockchain for creating NFTs. XRP ledger also came with a built-in DEX that can be used to facilitate NFT trading as Long added.
Right now, the company is in talks with NFT marketplaces and creative agencies that will have first access to Ripple’s creative fund.
As recently reported, RippleX, Ripple’s branch focused on boosting the development of the technologies around the XRP ledger which announced the first wave of grants and it is embracing the NFT mania. As per the announcement, the branch of Ripple granted $2 million in total value among 25 applicants from 10 different countries. The main focus of the applications was the development of open-source projects that are dealing with the NFTs on the XRP Ledger or XRPL.
XRPL encompasses everything that we consider the XRP ecosystem and it is an evolution of the former Ripple Consensus Ledger with its former products xRapid, Current, and xVia being merged into what we now know as the Ripple Net that gathered more than 200 countries by 2019. Ripple’s focus point was to offer a fast and cheap payment network as it seems the developers are looking for more ways to squeeze the potential out of the blockchain and adapt it to new times. NFTs are an odd use case for the XRP ecosystem despite the popularity and mentioned that it recieved over a hundred proposals.
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