Ripple, a blockchain company, shows a strong belief in the future of NFTs and announced the Creator Fund of $250 million. Under this incubation program, approximately 4,000 enrollments are done for different non-fungible tokens (NFT) projects. In its NFT platform, the beneficiaries include singers, musicians, content creators, game designers, and other artists. In the latest round of recipients, work is being done under themes including metaverses (NASDAQ : META) , gaming, art, and collectibles.
NFT Creator Fund: What does it do?
Let’s drill down into the details of a Creator Fund. To jumpstart the NFT projects, Ripple facilitates creators with:
- Necessary tools
- Assistance with finances
- Opportunities to form partnerships
Ripple indicates that their NFT incubation program is designed to be a long-term commitment to serve the market as the only creator-centric platform. Therefore the XRP ledger that Ripple is providing now features a built-in native token functionality called XLS-20d that is very simple to use.
NFT Creator Fund will onboard the participants in the form of waves. So the first wave participants will use a beta of NFT-Devnet that boost the support of XRP ledger. NFT-Devnet was created with the goal of allowing anyone, regardless of expertise level, to quickly and efficiently construct NFT projects.
Web 3.0 with Real Utility:
Initially NFTs are mostly revolving around avatar and arts but recently utility-based apps are getting more attention. Therefore, Ripple is embarking on its journey into Web 3.0 due to the potential increase in utility of the XRP Ledger. Ripple’s venture into Web 3.0 will eventually lead to the speed up the settlement process and less charges.
RippleX’s general manager of the app development, Monica Long, stated that
“NFTs have very quickly proven to have real utility within crypto — from digital experiences and rewards to artist royalties, co-ownership of real-world assets, and more.”
In another interview, Monica Long also stated that RippleX have also created strategic partnerships with different NFTs marketplaces and platforms, Mintable is one of them. Beyond Mintable, their other partnership is with Ether Lab for NFTs projects.
According to a report published in Finbold, Ripple has recognized cryptocurrencies as the next big financial innovation. Additionally, Ripple sees cryptocurrencies as having a great deal of potential in the year 2022.
Progress of Ripple’s Lawsuit:
Coming towards the SEC vs Ripple lawsuit, that recently took a major turn, after Ripple’s launch of the 1st NFT incubation program. The company expects to win the lawsuit. Interestingly, Ripple is continuing its foray into the nascent cryptocurrency space despite the case with the Securities Exchange Commission.
while the rest of the town held their breath, waiting to see what would happen. A crucial decision was made last week, not final, but nearly the pinnacle of Ripple’s success.