Ripple, a blockchain and crypto solutions provider, disclosed the names of the creators to receive funding for their Non-Fungible Token (NFT) projects yesterday. The grants are part of the second wave from Ripple’s $250 million Creator Fund.
The Ripple Creator Fund was launched two years later, in September 2021. Ripple partnered with innovative NFT marketplaces and creative agencies, including Mintable, mintNFT, and VSA Partners for the launch of the fund.
The second leg of investment goes to independent creators building functional use cases in gaming and the metaverse, in addition to music and media, on the XRP Ledger, an open-source and decentralized blockchain. It is meant to offer creators the financial, creative, and technical support they need and help their NFT projects with marketing.
The Fund’s selected projects are expected to bring to life use cases for tokenization. They will be able to do this by leveraging the power of XRP Ledger’s low-cost, instant settlement and built-in royalty structures. The Fund will therefore maximize value for creators and their communities to consume content.
This new funding initiative arrives amid Ripple’s legal battle with the United States’ Securities and Exchange Commission (SEC). The verdict of the case is expected to decide the future of XRP, Ripple’s token.
Why is Ripple focusing on NFT projects?
Ripple’s entertainment and media-centric investments come at a time when these industries are showing immense potential as far as revolutionizing the Web 3.0 space is concerned.
Explaining why Ripple is betting big on NFTs, RippleX Growth’s Vice President Markus Infanger pointed out that the World Economic Forum projects that 10% of the world’s GDP will be tokenized by 2027. In this context, Ripple’s Creator Fund can make a significant contribution toward and profit from the acceleration of NFT adoption.
The chosen few
Recipients of the latest funding initiative include metaverse experience provider 9Level9 Productions, Japanese NFT marketplace Anifie, and Capital Block, a Web 3.0 platform for sports clubs, NFT marketplace, NFT Avatar Maker and NFT Master. Intellectual property production company, SYFR Projects and finally NFT project, ThinkingCrypto.
The projects receiving the funding were selected by Ripple from among thousands of applicants. Infanger confirmed that Ripple’s Creator Fund received over 4,000 applicants.
