Ripple Launches $250M NFT Fund

Ripple is launching a $250 million fund focused on exploring new use cases on non-fungible tokens (NFTs) on the XRP Ledger (XRPL).

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• 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 use cases 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

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