• Ripple Launches Global NFT Creator Community on XRPL Blockchain

  • Non-fungible tokens (NFTs) and their developers are making waves in a variety of industries ranging from music and art to gaming and real estate. There is no market that has not been impacted by NFTs as the underlying public blockchain technology, as well as the range of use cases that have gained traction over the years.

    The Ripple team recently announced a Creator Fund for Ripple in an effort to provide continued enablement of NFT invention. The fund comprises a $250 million commitment just for helping NFT producers by utilizing the XRPL or XRP Ledger to study NFT project limits and use cases. The team intends to integrate a worldwide creative community that are pioneers in this sector and are creating additional use cases for digital tokenized assets by providing required tools, partnerships, and financial support to NFT creators to help them to have a headstart for their NFT project on XRPL.

    XRPL: Designed for global NFT Creators and Developers.

    The XRPL or XRP Ledger was designed with native XRP coin functionality and ease of use in mind. NFT-Devnet is a beta environment for improving NFT support on XRPL that was published in mid-January. It removes all technological barriers to entry, allowing creators to begin developing their NFT products or join the Web 3.0 movement and test the use cases of the tokenization process.

    Here are a few important benefits of using XRPL to create NFTs:

    • Fastest transactions — Since its establishment in 2012, it has received around 70 million closed ledgers with the fastest transaction speed, taking approximately 3 to 5 seconds to process.
    • Low Fees — Transactions are executed for a fraction of a dollar. Transactions using XRPL are affordable, allowing for a wide range of use cases.
    • Sustainability — XRPL is the first major public blockchain that has been certified as carbon-neutral. This maintains neutrality while being more optimal and efficient than other top blockchains.
    • Simpleness – It’s worth noting that NFT-Devnet always pre-programs the operations that every NFT user could want to perform, such as burning, trading, minting, requesting royalties, trading, metadata, and so on.
    • Decentralized and open – The XRPL is an open-source project that anyone who wants to construct NFTs can use. It is kept up to date by the global NFT creative community.

    Regardless of the user’s degree of knowledge with NFT creation, NFT-Devnet is extremely simple and quick to get started with, as well as to create and test the future NFT projects on the platform. It is totally customisable and designed to grow and scale with every use case, no matter how little or large.

    Partnerships with non-profits are being expanded.

    Since the opening of the Ripple Creator Fund, NFT-Devnet has received about 4000 candidates who submitted ideas mostly focused on NFT use cases in a variety of areas like as gaming, metaverses, art, collectibles, music, entertainment, and beyond. Many Creator Fund awardees are taking NFT projects to the next level, including Steven Sebring, xPunks, and Justin Bua, among many others.

    The team has seen several incredibly innovative and one-of-a-kind NFT ideas come to life on XRPL. Working with marketplace partners has enabled them to ensure that NFTs may be easily made, traded, used, and sold within the XRPL creator community. This platform’s partners include MintNFT, Mintable, NFT PRO, onXRP, and External Labs, as well as creative firms such as VSA, which assists businesses and brands in breaking into NFT, creating new brand experiences, and sharing creations with a larger NFT global community.

    What does the future hold for NFTs?

    The early applications of NFTs were mostly focused on art, collectibles, and avatars, but increasingly more utility-based apps are emerging. As NFT technology and use cases advance, it is real-world apps that continue to improve NFT experiences for the maker community. As NFT projects are produced, tested, and validated on NFT-Devnet, the RippleX team will undoubtedly discover new tokenization options on XRPL. The team will include additional NFT standards in the forthcoming software release, hoping that new NFT capabilities and experiences will continue to inspire ground-breaking projects and brand-new apps by the incredibly brilliant XRPL creator community.

    What's your reaction?