Ripple Announces $250M Creator Fund to Evolve NFT Utility

US-based payment service provider Ripple has announced a $250 million fund to offer creators with the financial, innovative, and technical support required to explore and craft NFTs.

In fact, NFTs have introduced new business models and revenue streams to mainstream corporations while strengthening their relationships with communities, people, and things they value.

Creating state-of-the-art NFTs is challenging for many creators, as the fear of their NFTs not selling and the inability to comprehend NFT concepts are obstacles to entry. On the other hand, developers typically pay high transaction fees and experience clunky user experiences on platforms and marketplaces.

Ripple’s $250M Creator Fund

Ripple’s Creator Fund aims to enhance longtail use-cases for tokenization such as interactive experiences and fractional ownership. Moreover, this happens by offering creative and technical support to a huge number of marketplaces, creators, artists, and brands. Together with NFT marketplaces and agencies, Ripple will launch a fund that will be open to third-party users first.

Through its Creator Fund and its partners, Ripple is accelerating the evolution of new financial technologies while eliminating the challenges associated with building compelling projects: Mintable, VSA Partners, and mintNFT, built using the XRP Ledger to create a truly next-generation NFT to connect fans with premium brands, content owners, and talent.

At the time of writing, Ripple (XRP) price trades at $0.95 with a 24-hour trading volume of $3,481,558,792, as per CoinMarketCap.