Ripple has announced the launch of a $250 million fund that will look to provide creators with financial, technical, and creative support to explore NFT projects and other tokenization projects on the XRP ledger. VSA Partners, mintNFT, and Mintable are the first partners to join the Ripple Creator Fund.
The fund will look to support creators, reduce barriers for them to enter the market, and help address the lack of proper understanding of different NFT concepts and projects.
Significant Barriers To Entry
There has been a considerable rise in interest globally for NFTs. This heightened interest has also introduced new business models and revenue streams, leading to deepening ties of the mainstream’s relationship with NFT communities.
However, creators still face significant barriers when it comes to creating state-of-the-art NFTs. The barriers could vary from a fear that their NFTs will not sell as much to a significant lack of understanding when navigating NFT projects and concepts. Developers also have to deal with exorbitant transaction fees and not a very pleasant user experience on platforms and online NFT marketplaces.
Creating Use Cases For Tokenization
Collectibles and digital art have captured the public’s imagination and interest, but NFTs have utilities that go far beyond just the ones mentioned above. Ripple’s Creator Fund provides technical and creative support to several different marketplaces, artists, creators, and brands and is looking to enable longtail use cases for tokenization. An example of this would be fractional ownership or interactive experiences.
Ripple has teamed up with several innovative marketplaces and creative agencies that understand the potential of these unique tokenized assets. As part of the launch, these agencies and marketplaces will have first access to the fund. The Ripple Creator Fund and its partners are helping to accelerate the evolution of NFTs while also helping alleviate several pain points associated with creating NFT projects.
Understandably, there is considerable excitement among Ripple and the partners who have joined the Ripple Creator Fund. CEO of Mintable, Zach Burks, commented,
Founder and CEO of mintNFT James sun gave his reaction to the partnership with the Ripple Creator Fund, stating,
The CMO of VSA Partners, Sarah Lent, commented,
An Enriching Experience For Creators And Developers
Creators seeking newer ways of monetizing their works will have an enriching experience minting their NFTs on the XRP ledger. The XRP Ledger’s speed, lower cost, and built-in royalties are ideal for developers, as it helps drive NFT utilities without requiring Layer-2 protocols. NFT integrations can also bypass XRPL development, thanks to library support.