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- Ripple dives deeper into the NFT space amidst the yet-to-be-concluded SEC Vs. Ripple lawsuit.
- Ripple has recently announced the launch of its NFT Creator Fund, which aims to support the NFT creators providing them opportunities to grow.
- Following the launch, the project has witnessed 4,000 applicants. With various creators and marketplaces joining hands.
The SEC Vs. Ripple lawsuit is in the limelight for quite some time now. Although last week the case took another turn, which was somewhat in favor of Ripple but did not really come to a solid conclusion.
Amidst all this controversy, Ripple has announced its latest move, which is inclined towards the Non-Fungible Tokens (NFTs) space. It has announced the launch of the first wave of its NFT Creator Fund.
What exactly is this NFT Creator Fund?
This NFT Creator Fund is a program that focuses on supporting the NFT creators using XRP Ledger (XRPL) by facilitating them with necessary tools, financial support, and access to potential collaborations that help with the initiation of their NFT projects.
They aim to bring together the global community of creators and builders who are disrupting the space and are discovering new use cases for the tokenized assets.
According to the Ripple team, the XRP Ledger (XRPL) has a built-in easy-to-use native token functionality by the name XLS-20d. And during the first wave of this creator fund, the users would be utilizing NFT Devnet, a beta environment, and enhancing XRPL’s NFT support.
Furthermore, the NFT Devnet lowers the technical barriers to entry for new NFT Creators and those willing to enter the Web3 space and look for tokenization use cases experiments.
The announcement highlights that the NFT Devnet is designed to facilitate the quick and efficient creation of NFTs projects without any prior experience. Ripple signifies this NFT incubation program for a longer run by promoting XRP’s Ledger speed, simplicity, affordability, and carbon-neutral operation. The total budget for the first wave of this NFT Creator fund was set to $250 Million.
Following the launch of this NFT Creator Fund, the project has received approximately 4,000 applications by people who submitted projects focusing on NFT use cases in gaming and metaverse, art and collectibles, music and entertainment, etc. Some of these creators, including Steve Sebring, xPunks, Justin Bua, etc., and mintNFT, Mintable, onXRP, Eternal Labs, etc., joined as marketplaces.
The NFT Creator Fund by Ripple is the sole creator-centered program in the market. Ripple’s team also expressed their views on the future of NFTs through the announcement post. According to them, while early NFT use cases have majorly been revolving around art and collectibles avatars, more utility-based applications are starting to emerge.
It further added that as the technology and the use cases mature, these real-world applications would continue to enrich NFT experiences and afford usefulness to the community.
It seems like Ripple is quite optimistic about the NFTs and is ready to dive deeper into the space. More and more entities are starting to integrate the concept as its constantly growing and gaining attention.