Ripple introduces new $250M creator fund for NFT development on XRP Ledger
Ripple, a provider of enterprise blockchain and crypto solutions, today announced a $250 million fund to provide creators with the financial, creative, and technical support needed to explore and craft premium non-fungible tokens (NFTs) and other tokenization projects on the XRP Ledger.
Heightened interest in NFTs globally has introduced new revenue streams and business models while deepening the mainstream’s relationships with the communities, people, and things they care about. However, when it comes to creating state-of-the-art NFTs, many creators face barriers to entry–including the fear their NFTs won’t sell and a lack of understanding on navigating different NFT concepts. Meanwhile, developers are burdened with high transaction fees and clunky user experiences.
While digital art and collectibles have quickly captured public interest and popularity, the utility of NFTs goes far beyond these use cases. By providing creative and technical support to a diverse array of marketplaces, creators, artists, and brands, Ripple’s Creator Fund seeks to enable longtail use cases for tokenization—for example, interactive experiences and fractional ownership.
Ripple is teaming up with innovative NFT marketplaces and creative agencies who recognize the potential of these unique tokenized assets, and as part of the launch, will have first access to the fund.
Ripple’s Creator Fund and its partners aim to accelerate the evolution of NFTs while eliminating the pain points associated with crafting compelling projects.
Mintable is a next-generation non-fungible token (NFT) marketplace built on the blockchain. Launched in 2018, Mintable has pushed the NFT industry forward by being the first to design gasless minting, batch minting, and royalties, empowering artists and creators to monetize their work via NFTs.
Mintable’s gas-free minting option allows the everyday person to get involved with NFTs without any prior knowledge in coding or upfront cost of minting an asset — a great way for everyone to get into crypto.
In 2021, Mintable announced the backing of a list of high-caliber investors including renowned venture capitalist and television personality, Mark Cuban, Sound Ventures, a venture capital firm founded by Ashton Kutcher, and Guy Oseary, and TIME Ventures, the investment fund for Marc Benioff.
To date, Mintable has sold and auctioned works by Grammy Award-winning artists, 20th-century avant-garde artists, and various high-profile artists and celebrities.
2. VSA Partners
VSA Partners is a hybrid brand strategy and design agency with a 40-year history of solving complex business problems. It delivers design-driven experiences that perform in the market, realizing the future of a brand for some of the world’s most respected and forward-thinking organizations.
A premium member-based marketplace for non-fungible tokens (NFT) mintNFT is focused on bridging fan experiences with licensed content, brands, and talent. mintNFT integrates social, gamification, and a new patent-pending authentication process for NFTs.
mintNFT makes collecting NFTs a fun and engaging experience and converts casual fans into collectors, creators, and partners. mintNFT provides an unprecedented social experience for users with unique features such as exclusive digital events, NFT live auctions, and fan-generated campaigns all within a dynamic, interactive, and gamified platform. It also includes an integrated secondary marketplace allowing users to buy, sell, and trade NFTs.
“While NFTs have opened the door for a tokenized future, actually navigating these concepts is a different ball game for many. By starting with marketplaces and creators, our fund seeks to take the guesswork out of NFT projects to unlock unexplored tokenization use cases on the XRP Ledger.”
– Monica Long, GM of RippleX at Ripple
Minting NFTs on the XRP Ledger will enrich the experience for creators seeking new ways of monetizing their works. For developers, the XRP Ledger’s innate performance advantages—speed, low cost, and built-in royalties—make it ideally suited to drive NFT utility at scale, and without the need for Layer-2 protocols. Library support is also available to simplify NFT integrations and bypass direct XRPL development.
The XRP Ledger is an open, decentralized blockchain. Its built-in decentralized exchange (DEX) provides fast settlement for tokenized assets–including NFTs—while its Federated Consensus mechanism eliminates gas fees and is 120,000x more efficient than blockchains that rely on proof-of-work.
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