Ripple announces $250 million fund to support NFT projects on XRP Ledger
September 29, 2021, 9:00AM EDT
1 min read
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.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.
“It’s a global development.” On this episode of The Scoop, 10T Founder and CEO Dan Tapiero joined host Frank Chaparro to discuss his insights into the globalization of crypto markets and how his macro investing strategy has seen his fund 10T pour hundreds of millions into crypto unicorns. To date, Tapiero has already allocated the […]
The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]