San Francisco-based Ripple has announced the creation of a $ 250 million NFT fund for the XRP Ledger. It will support creators, brands, and marketplaces creating and distributing NFTs.
On September 29, the creation of a fund was announced with a budget of $ 250 million. The fund will investigate new use cases for NFTs in XRP Ledger (XRPL). The company will provide targeted support to authors, brands and marketplaces. Ripple’s goal is to “become the premier platform” for the creation and management of NFTs. Until now, this area has been dominated unconditionally by Ethereum. But NFT support was originally included in XRPL.
The fund was announced at the Ripple XRPL Developers Summit. Ethereum was indirectly mentioned as the current standard for creating NFTs. According to Ripple, Ethereum’s high transaction fees and environmental concerns have become a major obstacle to the development of the industry. In addition, many authors are still hesitant to use NFT due to technical problems and fears that their designs will not be popular.
Marketplaces MintNFT and Mintable will partner with Ripple. In July, they raised $ 13 million in funding. Chicago-based creative agency VSA Partners have joined the initiative to create and market their NFTs.
At press time, Ripple is trading slightly below the dollar at $ 0.94. This is well below the all-time high of January 2018 at $ 3.40. XRP hit a local peak of $ 1.84 in April this year, while most of the top ten cryptocurrencies hit all-time highs in market cap.
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