Ripple is launching a $250 million fund focused on exploring new use cases on non-fungible tokens (NFTs) on the XRP Ledger (XRPL).
- The fund, unveiled Wednesday as part of Ripple’s XRPL developer summit, will aim to foster innovation in tokenization with a focus on NFTs.
- Creators, brands and marketplaces will be given support to explore how the XRPL’s speed and cost can support new uses for NFTs.
- The Creator Fund is being launched by Ripple in partnership with NFT marketplaces Mintable and mintNFT, and brand design agency VSA Partners.
- Ripple has been relatively absent so far from the NFT battleground, which has largely been dominated by Ethereum, with other ecosystems such as Solana also competing.
- The potential for the XRPL as a platform for NFT trading was highlighted by Japan-based financial services firm SBI Holdings in its “Building a More Sustainable, Scalable, and Accessible Future for NFTs with XRPL” report in July.
- “The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets,” the report said.
Read more: Cardano’s Commercial Arm to Invest $100M in DeFi, NFTs and Blockchain Education
