San Francisco-based company Ripple Labs Inc. announced Wednesday that it has established a $250M creator fund to support Non-fungible Token (NFT) projects built on the XRP Ledger.
“We’re incredibly excited to launch our $250 million Creator Fund to enable creators to explore new use cases for #NFTs on the #XRPLedger and engage more deeply with the communities they care about,” Ripple tweeted.
Ripple also added that it will partner with XRPL marketplaces to provide creators and developers with the financial, creative, and technical support they need.
To execute its plans, the company has partnered with creative agency VSA Partners as well as NFT marketplaces mintNFT and Mintable amongst several other platforms.
The blockchain company is calling on creators, platforms, marketplaces and agencies working with NFTs to apply for the fund.
Although Ethereum is the most popular blockchain for NFTs, the network is plagued with expensive transaction fees that users have to pay when interacting with the blockchain.
Ripple plans to leverage on Ethereum’s setback, noting that the XRP network utilizes significantly lower fees and is more environment-friendly. The company intends to drive NFT adoption by enabling new use cases for the tokenization of assets such as interactive experiences and fractional ownership.
The NFT market has grown by leaps and bounds in recent times with billions of dollars following into the industry. The NFT space has gained attention from crypto enthusiasts, mainstream companies, and even celebrities.
On August 23, global payments processing giant Visa announced that it has joined the NFT craze by purchasing CryptoPunk NFT for $160,000.
Similarly, American professional basketball player, Stephen Curry joined the Bored Ape Yacht Club by purchasing a Bored Ape digital art with unique rarity for 55 ETH (worth $180,000 at the time).
Earlier this year, Indian startup Rario announced plans to launch the world’s first cricket-based digital collectible platform that will enable users to purchase NFTs.