Ripple, the company behind the cryptocurrency XRP continues the onboarding of NFTs to its ecosystem. This is despite the almost year-long downturn surrounding non-fungible tokens. As part of its commitment Ripple made available a $250 million fund for NFT creators and developers.
The creator fund is being handed out in waves, with each wave concentrating on different sectors of the Web3 economy.
Applications for the latest wave of funds, Wave 3, focus on projects that combine physical and digital goods. It opened in October, and finalists are being interviewed before the winning NFT projects are announced, in January 2023.
Some interesting projects already taking advantage of the creator fund, include the XRP NFT marketplace, NFT Master, SYFR projects, and NFT sports platform Capital Block.
The XRP Ledger creator fund
Ripple’s creator fund will help independent creators with tech support, financial and marketing strategies, and support community engagement with their XRP Ledger NFTs.
Through the fund, Ripple Labs wants to foster mass adoption, and the focus of the latest funding is on functional NFTs surrounding the entertainment, gaming, and music industry. Examples of supported projects include a music streaming show, an NFT marketplace for sports clubs, and a crypto podcast.
Each NFT project accepted onto the Ripple creator fund can receive a funding amount, from $25,000 up to $250,000, depending on the project’s maturity and financial requirements.
Why choose The XRP Ledger (XRPL) to build your NFT project?
The XRP Ledger is a scalable public blockchain with a global developer community that is fast, energy-efficient, and has low energy costs.
Benefits of building your NFT project on XRP Ledger include eight years of consistency, low costs, tools, and documentation to speed up your NFT project’s development.
Furthermore, the NFT standard developed for Ripple NFTs, XLS-20, is expected to make NFT development easier for Web2 companies entering the NFT space. With XLS-20 XRPL NFTs do not need to incorporate smart contracts while minting NFTs on the XRP Ledger.
Ripple’s Head of DeFi Markets, Boris Alergant, speaking to Decrypt, stated, “Web2 developers can really use the NFT standard and interact with it simply with API calls as opposed to coding on smart contracts.”
How is the Ripple NFTs creator funding calculated?
Projects considered for the fund should already be in development with a project roadmap, mission statement, a growing community, and NFT utility mapped out.
Who can apply for Ripple’s creator fund?
The XRP Ledger network will consider non-technical indie creators. This includes small to medium size projects already in the middle or latter stages of development and centered around physical/digital goods.
Additionally, companies not lucky enough to be chosen for the fund can reapply when they are further on in development.
NFTs have opened new incentives in the creator economy where independent projects can express themselves. Those NFT projects lucky enough to be excepted onto the fund will have a great starting point for their Ripple NFTs to thrive in the new web3 economy.
With XRP Ledger’s creator fund, Ripple continues to show their staying power and the blockchain’s innovation.