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Ripple announced a $250 million initiative for promoting the creation of NFTs on XRP Ledger

As the non-fungible tokens (NFTs) boom is not over yet, Ripple is placing a long bet to incentivize the development of NFT projects on XRP Ledger. Not long ago, the blockchain giant announced a $250 million Creator Fund, one aimed at supporting NFT projects being built on the network’s ledger.

Ripple announces $250M Creator Fund to rope in NFT developers on XRPL

According to Ripple, the fund will provide financial support and technical support, co-marketing, and creative agency for creators and their parents to fully monetize accessible and innovative NFT experiences on the XRPL.  Additionally, it will also provide subscribers with access to XRPL marketplace partners for both creators and developers.

To facilitate this, the company has partnered with creative agency VSA Partners and NFT marketplaces mintNFT and Mintable, along with Mark Cuban, among others. The company, in fact, recently participated in a $13 million funding round for Mintable.

The network appeals to creators and brands and to marketplaces and agents that work with NFT to apply for funds.

Ethereum is still the most popular blockchain for NFT. However, Ripple believes it has a proper development platform with lower transaction fees and eco-friendly design. Ripple aims to drive NFT utility by enabling new use cases for tokenizing assets such as interactive experiences and fractional ownership.

Furthermore, XRPL also comes with a built-in DEX where users can trade their tokens for XRP or against each other in a P2P format.

Just last week, as AZCoin News reported, Ripple’s development arm, RippleX, announced the distribution of its first wave of XRPL funding to developers funding projects building on top of XRPL. This focused on the growth of NFT, and RippleX selected 25 applicants from 10 countries and awarded them $2 million each.

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