Ripple Joins the NFT Trend, Launches a $250 Million Fund to Attract Creators to XRP Ledger
No one can resist the movement of non-fungible tokens (NFTs), which is expected to be the center point of the metaverse.
The latest crypto company to jump is none other than Ripple, which along with its top two executives, is currently fighting a legal battle with the US Securities Exchange Commission (SEC) regarding the sale of unregistered securities.
On Wednesday, Ripple announced a Creator Fund of $250 million for creators, agencies, and marketplaces that it sees “igniting the global creator economy and blockchain developer communities.”
The fund is to help creators and their partners participate in the NFT market on its own blockchain XRP Ledger. The Fund will provide technical support to integrate with the XRPL, access XRPL marketplace partners, and help with the marketing and promotion of the NFTs.
To begin with, Ripple has partnered with Mintable, mintNFT, and VSA Partners.
“A tokenized future that will transform the way people buy, sell and manage all kinds of assets is quickly becoming a reality today.”
In response to the news, the price of XRP momentarily jumped 6.85% to $0.983, only to slowly lose the gains. Up about 290% YTD, the digital token is still down more than 71% from its all-time high of $3.40 hit during the last bull market in early January of 2018.