NFTs are now one of the most popular offerings in the crypto market. So it is no surprise to see the biggest projects in the industry jumping on the train to take advantage of the situation. This is the case with Ripple’s latest project. The launch of a new fund by the network is aimed towards creators is meant to bolster the adoption of NFT minting on the blockchain.
Tokenizing The World
Ripple recently announced the launch of a $250 million Creator Fund during its last Developer Summit. The fund is aimed towards creators, brands, and marketplaces that are interested in exploring novel use cases for NFTs using the XRPL platform. Ripple hopes to draw in the broader community of creators working with NFTs to explore the power of the Ripple blockchain.
Related Reading | Diamond Hands: 80% Of Bitcoin Circulating Supply Now Owned By Long-Term Holders
Providing faster, cheaper, and more sustainable ways to mint NFTs, XRPL gives creators the time and space needed to create and engage with NFTs. With the Creators Fund, Ripple will support creators who have been hesitant to get into the NFT space due to either technical or financial concerns. And will aid creators to properly market their NFT projects, while also providing both technical and creative support to make their journey into the NFT space a smooth one.
“Ultimately, we believe NFTs embodies the promise of tokenization and represent a tipping point for its embrace by the mainstream. Through the Creator Fund and the XRPL, we’re excited to unleash new utility for NFTs and accelerate the broader shift to tokenization.”
XRP price falls below $1 | Source: XRPUSD on TradingView.com
Bringing Smart Contracts To Ripple
Ripple has been in the news for the past year for what can be classified as all the wrong reasons. Its ongoing battle with the SEC has put the digital asset in an unfortunate position, which has negatively affected the value of the cryptocurrency. This has although not stopped the development train that the blockchain is on. Not looking to get left behind, Ripple had jumped on the smart contracts train earlier in the year.
Related Reading | SpaceX CEO Elon Musk Says Governments Cannot Destroy Crypto, Can Only Slow It Down
Last month, Ripple announced that it was looking to bring smart contracts capability to its distributed ledger XRPL. CTO David Schwartz explained that the network planned to use Federated Sidechains to make this a reality on the blockchain. This would enable developers to develop solutions on Ripple’s blockchain. And in time, bring decentralized finance (DeFi) to the network.
The addition of smart contracts on the platform would also give the developers the ability to create and launch tokens on the Ripple ecosystem. And users can choose to power their side chains with either XRP or the tokens which are issued on XRPL.
Featured image from Internation Financial Law Review, chart from TradingView.com