Ripple Announces $250 Million Creator Fund to Evolve NFT Utility

Ripple, the leading provider of enterprise blockchain and crypto solutions that are faster, more transparent and more cost-effective, today announced a $250 million fund to provide creators with the financial, creative and technical support needed to explore and craft premium non-fungible token (NFT) and other tokenization projects on the XRP Ledger.� The heightened interest and boom in NFTs globally has introduced new revenue streams and business models while deepening the mainstream�s relationships with the communities, people and things they care about. However, when it comes to creating state-of-the-art NFTs, many creators face barriers to entry�including the fear their NFTs won�t sell and a lack of understanding when it comes to navigating NFT concepts. Developers, meanwhile, are often burdened with high transaction fees and clunky user experiences on marketplaces or platforms.� While digital art and collectibles have quickly captured public interest and popularity, the utility of NFTs goes far beyond these use cases. By providing creative and technical support to a diverse array of marketplaces, creators, artists and brands, Ripple�s Creator Fund seeks to enable longtail use cases for tokenization�for example, interactive experiences and fractional ownership. Ripple is teaming up with innovative NFT marketplaces and creative agencies who recognize the potential of these unique tokenized assets and, as part of the launch, will have first access to the fund.