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Ripple unveils first NFT beneficiaries of the $250 million Creator’s Fund

Ripple unveils first NFT beneficiaries of $250 million Creator’s Fund
Justinas
Baltrusaitis
Updated: 15 Mar, 2022
3 mins read

Blockchain software company Ripple has announced the onboarding of almost 4,000 creators under different non-fungible tokens (NFT) projects through its $250 million Creator Fund.

In a press statement released on March 10, 2022, Ripple stated the beneficiaries include independent creators like artists, musicians, game designers, and builders.

Some of the high profile creators to benefit from the fund include author, producer and entrepreneur Justin Bua, filmmaker Steven Sebring and xPunks.

Notably, the initiative is creator-centered and seeks to act as a link between different artists with marketplaces and creative agencies. Most of the notable partners include Mintable, MintNFT, and VSA Partners. 

In the statement, Ripple acknowledged the growing role of NFTs in the crypto space. 

“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,” said Monica Long, GM of RippleX at Ripple.

Ripple’s fund will still support creators

According to Ripple, the fund will still back creators on a rolling basis accompanied by different themes per application wave.

The latest beneficiaries are working under metaverse, gaming, art, and collectibles themes. Generally, the themes are aligned based on existing and emerging NFT use cases on the XRP Ledger, XRP is an open-source decentralized independent digital asset, created before Ripple, which acts as a bridge between two fiat currencies in order to facilitate faster and more efficient cross-border payments.

The fund, which launched in September last year, seeks to help creators produce state-of-the-art’ NFTs. 

NFT marketplaces NFT PRO, Ethernal Labs, and onXRP have partnered up with Ripple to incorporate the XRP Ledger (XRPL) to provide a quicker, low-cost, and carbon-neutral NFT experience for their customers. The integration also comes with built-in royalty structures and co-ownership functionality. 

Furthermore, it also entails an inbuilt decentralized exchange (DEX) that facilitates fast settlement for tokenized assets of all types–including NFTs. 

Ripple accelerates NFT presence 

In recent months, Ripple has accelerated its presence in the NFT space by exploring different use cases and strategic partnerships. Recently, the company also awarded Feature, an entertainment and music marketplace platform, a $100,000 development support grant. 

The award is part of RippleX’s XRPL Grants program that seeks to accelerate differences in crypto, including payments, smart contracts, and NFTs. 

The company also views 2022 as a massive opportunity for cryptocurrencies. According to Finbold’s report, Ripple has identified cryptocurrencies as the new order for finance. 

Notably, Ripple continues to venture into emerging cryptocurrency discipline despite the ongoing case with the Securities Exchange Commission. As the case drags on, the company expects to conclude by November 2022. 

Finally, Ripple has also been caught in the sanctions debate between Russia and the West over removing the country from SWIFT. The company’s CEO, Brad Garlinghouse, acknowledged that they would abide by international law and sanctions. 

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Justinas Baltrusaitis
Author

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.

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