Through its $250 million Creators Fund, which debuted in September 2021, Ripple reports that approximately 4,000 artists, singers, game designers and builders have joined various NFT projects.
Ripple Adds More Than 4,000 NFT Creators to New Creators Fund
Mintable, MintNFT, VSA Partners, NFT PRO, Ethernal Labs and onXRP are just a few of the marketplaces and creative companies that have joined forces to bring together diverse artists. The last three will leverage XRP Ledger to provide customers with a faster, lower cost and carbon-friendly NFT experience. Writer and producer Justin Bua, filmmaker Steven Sebring and xPunks are all newcomers.
"We are very excited to have Ethernal Labs as a partner in Ripple's Creator Fund and to integrate XRP Ledger," said Nick Rose, CEO and founder of Ethernal Labs. "This partnership allows us to support the Web 3 ecosystem by pioneering cross-chain interoperability and bringing NFTs and digital assets to the masses." The partnership will provide royalty structures and co-ownership capabilities.
NFT-Devnet, a beta development environment designed to improve support for NFT on XRP Ledger and lower the technical hurdles for aspiring NFT producers, launches in January 2022. Monica Long, Managing Director of RippleX, the application development division, says of the rapidly growing NFT space, "NFT is quickly proving to have real utility in the cryptocurrency space – from digital experiences and rewards to artist royalties, co-ownership of real-world assets and more."
XRP Ledger conducts decentralized exchanges for all tokenized assets, including NFTs.
Ripple said the fund will continue to provide funding to creators whose work is divided into multiple categories in each application wave. Under new and existing NFT use cases on the XRP distributed ledger, current producers will focus on metaverse, gaming, art and collectibles themes.
Ripple is making a case for entering the Web 3.0 world and using tokenized assets, having just paid $100,000 to entertainment and music marketplace Feeturre to accelerate Web 3.0 activity and bring utility to the XRP Ledger ecosystem. Feeturre is a web-based solution for buyers and sellers in the entertainment industry that connects artists, producers, influencers and their representatives for business and collaboration.
"With XRP Ledger, Feeturre will have lower transaction fees and fast settlement, creating a clear advantage over its competitors. RippleX's Elliot Lee said the integration of XRPL-based NFTs is a key step in accelerating the adoption of the Internet of Value.
Ripple will host Ripple House at the South by Southwest Music Festival in Austin, Texas, from Friday, March 11, 2022 through Sunday, March 20, 2022.
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