Ripple has announced the launch of a $250 million fund that will look to provide creators with financial, technical, and creative support to explore NFT projects and other tokenization projects on the XRP ledger. VSA Partners, mintNFT, and Mintable are the first partners to join the Ripple Creator Fund.
The fund will look to support creators, reduce barriers for them to enter the market, and help address the lack of proper understanding of different NFT concepts and projects.
Significant Barriers To Entry
There has been a considerable rise in interest globally for NFTs. This heightened interest has also introduced new business models and revenue streams, leading to deepening ties of the mainstream’s relationship with NFT communities.
However, creators still face significant barriers when it comes to creating state-of-the-art NFTs. The barriers could vary from a fear that their NFTs will not sell as much to a significant lack of understanding when navigating NFT projects and concepts. Developers also have to deal with exorbitant transaction fees and not a very pleasant user experience on platforms and online NFT marketplaces.
Creating Use Cases For Tokenization
Collectibles and digital art have captured the public’s imagination and interest, but NFTs have utilities that go far beyond just the ones mentioned above. Ripple’s Creator Fund provides technical and creative support to several different marketplaces, artists, creators, and brands and is looking to enable longtail use cases for tokenization. An example of this would be fractional ownership or interactive experiences.
Ripple has teamed up with several innovative marketplaces and creative agencies that understand the potential of these unique tokenized assets. As part of the launch, these agencies and marketplaces will have first access to the fund. The Ripple Creator Fund and its partners are helping to accelerate the evolution of NFTs while also helping alleviate several pain points associated with creating NFT projects.
Understandably, there is considerable excitement among Ripple and the partners who have joined the Ripple Creator Fund. CEO of Mintable, Zach Burks, commented,
“Everything we do at Mintable centers around accessibility, and it’s time that we look at that holistically — creators of all disciplines and backgrounds need to have access to equal opportunities in the space. There are so many untapped opportunities within the constantly evolving NFT ecosystem, and we’re excited to be deepening our partnership with Ripple to support their Creator Fund in order to encourage greater growth in the industry.”
Founder and CEO of mintNFT James sun gave his reaction to the partnership with the Ripple Creator Fund, stating,
“mintNFT is honored to be selected as a key partner to build the next-generation NFT 2.0 experience leveraging the XRP Ledger to connect fans with premium brands, content owners, and talent around the world.”
The CMO of VSA Partners, Sarah Lent, commented,
“NFTs have been a source of huge excitement for creators, enabling new ways to build communities and meaningful brand equity. It’s clear that when creators and brands are deliberate with their NFT campaigns, it will have a long-lasting impact on their customers, partners, and the larger community. As a premier partner of the creator fund, VSA can help brands and artists think through the entire ecosystem of brand-building experiences, the community of fans to engage and deploy the strategic guidance and storytelling needed around NFTs to generate brand value.”
An Enriching Experience For Creators And Developers
Creators seeking newer ways of monetizing their works will have an enriching experience minting their NFTs on the XRP ledger. The XRP Ledger’s speed, lower cost, and built-in royalties are ideal for developers, as it helps drive NFT utilities without requiring Layer-2 protocols. NFT integrations can also bypass XRPL development, thanks to library support.
Disclaimer: 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.