Ripple Labs is establishing a platform for artists, markets, and brands to investigate novel application for nonfungible tokens (NFTs) on its blockchain. Ripple announced the $250 million fund on Wednesday, saying it will work with nonfungible tokens, or NFTs, to accelerate acceptance in the crypto sector.
The platform said that it intended to address issues about the tokenized artwork’s minting, such as “clunky” customer experiences, hefty processing fees, and potential environmental impacts.
“We think NFTs exemplify the concept of tokenization and constitute a turning point for their widespread adoption,” Ripple stated. “We are thrilled to release additional usefulness for NFTs and drive the wider transition to tokenization via the Creator Fund and the XRPL.”
As per Ripple, NFT markets such as MintNFT and Mintable, as well as creative firms, will be the first one to benefit from the fund. Any suggested NFT use scenario would be implemented on the XRP Ledger, allowing artists to commercialize their work.
Ripple CTO David Schwartz has earlier said that the ledger’s cheap cost, fast throughput, and payments capabilities would “streamline NFT development at scale.”
Mintable stated in July that it planned to incorporate the XRP Ledger because it was “perfectly suited to provide a smooth experience for NFTs” — the platform had minted over 700,000 goods since 2020. Both Ripple and the NFT marketplace have made public comments about the cryptocurrency domain’s ecological worries. While Ripple has promised to turn into carbon-neutral by 2030, it has also stated that its XRP ledger is currently carbon neutral.
