Ripple to Start $250 Million Fund for NFTs

by in Blockchain News

Ripple XRP NFts

Ripple Labs, the blockchain company standing behind the development of XRP cryptocurrency, initiated a $250 M fund to encourage creators of NFTs.

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The firm said on Sept. 29, that Creator Fund will encourage NFT originators by supporting financially, technically and promotions. Digital artists and developers can use XRP Ledger (XRPL), to power their projects.

Apart from art and collectibles, the fund will back other use cases, among them user-environment connection and fractional holdings.

Ripple informed that the initial partners for the fund are NFT platforms Mintable, mintNFT, and creative agency VSA Partners.

Various actors in the NFT sector such as artists, brands, agencies and trading platforms can apply.

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The sector of NFTs has been growing, along with gaining more support. Recently, the NFT market for trading Twitch streamer clips Eternal attracted around $4.5 M from Mark Cuban, Coinbase Ventures and others.