Ripple, a remittance system built upon blockchain technology, announced that it is launching a $250 million fund on Sept 30.
The fund is to provide creators with the financial, creative and technical support needed to explore and craft premium non-fungible tokens (NFTs) and other tokenisation projects on the XRP Ledger.
The fund comes amid the heightened interest and boom in NFTs globally, which has introduced new revenue streams and business models.
See also: Malaysian mobile wallet firm inks deal with Ripple to power wallet-to-wallet remittances
However, when it comes to creating state-of-the-art NFTs, many creators face barriers to entry, notes Ripple in a Sept 30 statement.
Developers are also burdened with high transaction fees and clunky user experiences on marketplaces and platforms, it adds.
As such, Ripple’s creator fund seeks to enable longtail use cases for tokenisation, including interactive experiences and fractional ownership.
To this end, Ripple has teamed up with NFT marketplaces and creative agencies, such as Mintable, VSA and MintNFT, who will have first access to the fund.
“While NFTs have opened the door for a tokenized future, actually navigating these concepts is a different ball game for many,” said Monica Long, general manager of RippleX at Ripple. “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.”
Photo: Bloomberg
