Ripple enters the NFT space with a $ 250 million innovation fund

With the NFT boom season far from over, the Ripple blockchain is taking a long-term bet to encourage the growth of NFT projects on the XRP ledger. The company recently announced a $ 250 million Innovator Fund aimed at supporting NFT projects built on the network’s ledger.

In an announcement on Wednesday, Ripple said the fund will focus on accelerating adoption in the crypto space by working with the NFT. The platform says it wants to address concerns about the embossing of encrypted works of art, including a “cluttered and inconvenient user experience,” high transaction fees and potential environmental impact.

“We believe that NFT embodies the promise of tokenization and marks a turning point for mainstream conquest. We are excited to be unlocking new uses for NFT through the Creators Fund and XRPL and accelerating the broader transition to tokenization. “

Ripple said NFT markets, including MintNFT and Mintable, as well as innovative traders, will be among the first to gain access to the fund.

All of the suggested NFT use cases are built on the XRP ledger, giving developers the opportunity to monetize their own work. David Schwartz, CTO of Ripple, previously cited the low cost, high speed, and payment capabilities of the ledger as a driver of large-scale development of NFTs.

In July, Mintable announced that it plans to integrate the XRP ledger as it is “capable of bringing NFT a seamless experience” – the platform has minted more than 700,000 tokens since 2020.

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According to Cointelegraph

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