Ripple Launches $250 Million Creator Fund Aimed at NFT Projects
- The fund will provide targeted support to projects building NFTs on the decentralized ledger XRPL.
- Ripple’s partners will provide the projects with support when creating and selling NFTs.
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In a blog post published on September 29, Ripple announced the launch of the Ripple Creator Fund, which is part of Apex, the XRP Ledger (XRPL) Developer Summit, and is set to foster innovation in tokenization.
The company said it created the fund to provide targeted support for creators, brands, and marketplaces to explore new use cases for NFTs on XRPL. The speed, cost, and sustainability offered by XRPL will be able to provide projects with innate advantages over other blockchains.
“Unfortunately, today, many creators are still hesitant to engage with NFTs because of technical concerns about NFT platforms or for fear that their NFTs won’t gain traction. Developers can also be turned off by clunky user experiences, high transaction fees, and environmental impact concerns with minting on many other platforms,” Ripple explained in the announcement.
Aside from the technical advantages offered by XRPL, projects building NFTs on Ripple’s blockchain will also be able to benefit from Ripple’s financial, technical, marketing, and creative support.
As part of the announcement, Ripple has teamed up with NFT marketplaces MintNFT and Mintable. The two projects will integrate with XRPL to deliver a seamless NFT experience to its developers. Ripple’s premier agency partner, VSA Partners, has also joined the initiative and will help all projects the fund invests in to create and sell their NFTs.
- A federal judge ruled that the sale of XRP through exchanges and algorithms did not qualify as selling securities, which could have a major impact on several SEC lawsuits.
- The institutional sale of the token, however, did violate federal securities laws, and the lawsuit between the SEC and Ripple will have to go to trial.
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- These documents are seen as central in Ripple’s battle against the SEC, which in 2020 accused the company of selling its XRP token without registering it as a security.
- The documents in question are internal emails, text messages, and expert reports that followed Hinman’s 2018 speech, in which he said ETH and BTC were not securities.
- The payments giant has proposed the creation of new self-custodial wallets, called “delegable accounts”, using the “account abstraction” (AA) method.
- As Ethereum does not yet support AA, Visa implemented its new wallet type on layer 2 scaling solution StarkNet, and successfully enabled automated recurring payments.