A recent announcement shows that Ripple introduced a $250 million initiative to promote the development of NFTs. The fund is going to serve creators building NFTs on the XRP Ledger. Through the financing, creators can discover new use cases for the XRP-based NFTs.
Tokenizing Assets with Ripple
Ripple admits that the growth of NFTs is a significant part of opening up access to digital assets. NFTs further enable the active participation of the global community. Thus, the new fund aims at attracting creatives to take advantage of NFTs offerings.
The majority of creatives find NFTs as a challenging concept to understand. On the other hand, creatives usually have concerns that their NFTs may experience a lower recognition. Different scenarios see developers struggle with high transaction charges on their projects.
As part of its commitments, Ripple’s fund plans to assist artists with marketing and financial support. The fund also hopes to team up with agency partners to help developers design NFT projects. Furthermore, users will receive technical support as they navigate through any XRPL-based NFT.
Mintable and mintNFT are the platforms partnering with Ripple’s new initiative. The two platforms are set to merge with XRPL to boost the NFT building experience.VSA Partners is yet another collaborating agency onboard with the $250M fund. VSA’s role is to assist artists in developing and selling their NFT assets.
The Outcome?
Establishing NFTs on the XRPL presents users with several advantages. Developers can easily build their NFT projects and link a payment system in the applications. Hence, the ledger supports projects with a fast blockchain network and lower transactional fees.
Creators also get to see the value of their work through an in-built royalty system. Minting and building NFTs on the ledger further provides higher liquidity to content creators.
An additional decentralized exchange is available to facilitate the exchange of tokens. Thus, NFT users on the blockchain network can trade more than 5,400 digital tokens.
The value of XRP stands at $0.9325 at the time of writing. Within 24 hours, the digital asset’s price saw an increase of 1.1%.
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