Ripple wishes to bring the NFT buzz to the XRP ledger. The company announced a $250 million “creator fund” on Wednesday to support non-fungible token (NFT) projects built on the XRP Ledger.
Ripple stated that it will provide financial, creative, and technical assistance to NFT artists and marketplaces. To that end, the company has collaborated with the creative agency VSA Partners as well as the NFT marketplaces mintNFT and Mintable (in which Ripple is an investor, along with Mark Cuban and others).
Minting NFTs on the XRP Ledger will be a low-cost process that will drive utility through use cases like “interactive experiences and fractional ownership,” according to Ripple. According to the company, the blockchain also includes a decentralized exchange where users can trade tokens for XRP or each other.
Companies rewarding projects built on their own blockchains has become a common practice. In recent months, Ethereum rivals such as Avalanche and Terra have launched incentive programs to attract decentralized finance (DeFi) projects to their blockchains. These challengers frequently set aside funds in their native tokens. Ripple’s creator fund is not clear whether it is denominated in dollars or XRP. If we hear back, we will update this story.