Ripple announces $250 million fund to support NFT projects on XRP Ledger

Sep 29, 2021 | The Block News | 0 comments

ripple-announces-$250-million-fund-to-support-nft-projects-on-xrp-ledger

Ripple wants to bring the NFT hype to the XRP Ledger. The company announced Wednesday a “creator fund” worth $250 million to support non-fungible token (NFT) projects building on the XRP Ledger.

Ripple said it will provide NFT artists and marketplaces with financial, creative, and technical support. To that end, the company has partnered with creative agency VSA Partners and NFT marketplaces mintNFT and Mintable (in which Ripple is an investor, along with Mark Cuban and others).

Minting NFTs on the XRP Ledger will be a cost-efficient process and drive utility through use cases such as “interactive experiences and fractional ownership,” said Ripple. The blockchain also has an in-built decentralized exchange where users can trade tokens for XRP or each other, said the company.

Companies rewarding projects building on their native blockchains has become a common trend, as The Block reported recently. In recent months, Ethereum challengers, including Avalanche and Terra, have rolled out rewards programs to attract decentralized finance (DeFi) projects on their blockchains. Often these challengers set aside funds in their native tokens. As for Ripple, it is unclear whether the company’s creator fund is denominated in dollars or XRP. The Block has reached out to Ripple and will update this story should we hear back.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Two US banks sign up for bitcoin trading platform from Q2 and NYDIG

New York’s Five Star Bank and California's UNIFY Financial Credit Union are the first U.S. institutions to offer bitcoin trading through a platform from Austin-based Q2 Holdings and New York Digital Investment Group (NYDIG).  Through the so-called Q2 Digital Banking...

Pin It on Pinterest

Share This