The new Creator Fund seeks to expand the uses of non-fungible tokens while attracting creators and brands to the XRP Ledger.
Ripple is betting $250 million that it can make the XRP Ledger a premiere home for NFT creators, markets and brands.
Ripple’s primary business is making cross-border financial transactions — notably small ones like those used for remittances — very fast and very cheap, and it sees NFTs as broadly part of the same mission. Ripple is also pushing sustainability, noting that the XRP Ledger is already 100% carbon neutral.
“Since day one, we’ve viewed crypto and blockchain as powerful levelers, unlocking access and equity for everyone. The growth of NFTs is an important part of that vision, helping build a tokenized future that will allow new business models to prosper and people to engage more deeply with the communities and things they care most about.”
Ripple said making the process of developing, minting and marketing NFT projects a simpler, more user-friendly, and more successful experience is a big part of its strategy.
To do this it will provide financial support as well as creative and marketing expertise, and technical support “needed for creators to engage and eventually deliver new NFT use cases.”