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Ripple to support NFT projects on XRP Ledger, debuts $250 million fund By BTC Peers

by Mike Robinson

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Ripple to support NFT projects on XRP Ledger, debuts $250 million fund

Blockchain-based global payments network, , is looking to bring NFT exposure to the XRP Ledger following the launch of its $250 million “creator fund” on Wednesday.

This fund supports non-fungible token projects (NFTs) on the XRP Ledger. The fund also aims to support NFT marketplaces and artists with technical, financial and creative support. Ripple’s latest venture into NFT has been made possible by a partnership between VSA Partners, creative agency VSA Partners, and NFT marketplaces mintNFT/Mintable.

Ripple stated that minting NFTs using the XRP Ledger provides a cost-efficient method and delivers utility through use cases, such as interactive experiences and fractional ownership. There is also an integrated decentralized exchange that lets users trade tokens or transact between each other.

This is an increasingly popular way for companies to recognize projects that are based on native blockchains. Recently, challengers, including Avalanche and Terra, launched rewards programs to attract decentralized finance (DeFi) projects to their blockchains.

These platforms often provide funds using their native tokens. Ripple is unsure if its creator fund is in USD, or XRP.

Creators, investors and collectors continue to pay attention to the NFT sector. The sector’s evolution to include innovative concepts, such as NFT-based games of earn and play (to make money), is even more fascinating.

BitColors, a brand new initiative that aims to allow users to trade and own NFT-based colors, is an example of innovation.

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