TL;DR Breakdown
Ripple Labs, a big supporter of Non-fungible Tokens (NFT), has announced that it is launching a $250 million fund for creators, institutions, and brands, giving them opportunities to explore new use cases for NFTs on its ledger.
The company said that the main aim of the Fund is to increase the speed of adoption of NFTs in the crypto space. Ripple Labs stated that it sought to resolve problems such as “cloak” user experiences, hefty transaction costs, and highly-talked potential consequences of NFTs on the environment.
Ripple further informed that the creators would receive financial and co-marketing support, technical support for a superior NFT experience built on the XRPL, and creative support to craft premium NFT projects.
The company’s CTO, David Schwartz, has earlier described the ledger’s cheap cost, faster service, and payment functionalities to “streamline NFT creation at scale.”
Ripple Labs believes NFTs can accelerate adoption
The Wednesday announcement indicated that the Ripple Labs believes that NFTs incorporate the promise of tokenization and could be a door towards the mainstream’s acceptance. The company said it is raved about unlocking a new NFT utility and accelerating the broader shift to tokenizing through the new Fund and XRPL.
Per Ripple, the NFT Marketplace would be among the few to acquire the Fund so early. MintNFT and Mintable are two such marketplaces. XRP Ledger is capable of building any proposed NFT use case, enabling creators to pay for their skills and talent.
In July, Mintable said that the XRP Ledger is planned for integration because it is “best to give smooth integration and user experience for NFTs.” Mintable has minted 70k plus items since 2020. The NFT marketplace and Ripple have talked about the environmental issues in the crypto world. Ripple Labs also stated that it vowed to become carbon-neutral zero by 2030 while the XRP ledger does not cause any carbon-related issues.
