Distributed ledger company Ripple Labs announced Wednesday a whopping $250 million NFT fund to help support the development and innovation of non-fungible tokens (NFT) on its XRP ledger. The company is also partnering with leading NFT marketplaces and creators under the arrangement.
The $250 million NFT fund will be utilized to provide growing support for NFT creators and marketplaces to explore the use cases for NFTs like interactive experiences and fractional ownership on the XRP Ledger.
The blockchain company hopes that the latest NFT fund will enable creators from every corner of the world to access and display their artworks in the booming NFT market that they have been otherwise hesitant towards.
“Unfortunately, today, many creators are still hesitant to engage with NFTs because of technical concerns about NFT platforms or for fear that their NFTs won’t gain traction. Developers can also be turned off by clunky user experiences, high transaction fees, and environmental impact concerns with minting on many other platforms,” Ripple noted in the announcement release.
The fund intends to offer three kinds of support to interested developers such as technical support to integrate with XRPL, co-marketing and creative agency support, and promotion and access to the XRPL marketplace.
To provide the best NFT experience on the XRPL, Ripple partnered with the NFT marketplace Mintable, Polygon cross-chain platform mintNFT, and Chicago-based creative agency VSA Partners.
On exploring the use cases of NFT on the XRPL, Monica Long, GM of RippleX at Ripple, said:
“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.”
Ripple showing interest in the NFT market doesn’t come as a surprise, considering the blockchain company initially announced plans for NFT support back in March. At the time, Ripple pointed out the advantages of NFTs on the XRPL owing to its high-speed and low-cost.