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- Ripple avails $250 million for the creation of NFT projects on XRPL.
- The recent development adds to the use cases of the XRPL that has been boosted through the creation of Central Bank Digital Currencies.
Ripple has added a new league of project developers to its creators’ fund initiative. According to a blog post, the new partners will work on entertainment NFTs projects to aid new tokenization use cases on the XRP Ledger (XRPL). The new developers are 9LEVEL9, Anifie, Capital Block, Cross-Metaverse Avatars, NFT Master, SYFR Projects, and Thinking Crypto.
The recent development adds to the use cases of the XRPL that has seen the creation of Central Bank Digital Currencies on it, additionally, XRPL and Ethereum compatibility has significantly improved as CNF reported. Now, the new creators will work on functional use cases for media, gaming, music, and metaverse on the XRPL. These projects will rely on XRPL’s swift processing of transactions, pocket-friendly fees, and sustainability. Ripple Inc is aiming to fast-track the future of tokenization championed by emerging creators.
How Ripple Creator Fund will support NFTs project on the XRP Ledger
The Ripple Creator Fund will avail about $250 million for developers to create functional NFTs on the XRPL. More so, the NFTs project will focus on areas like carbon credits, real estate, and media. Also, through the Creator Fund initiative, developers will get creative and technical support to assist NFT artists. This will aid them in developing their projects on the XRP Ledger, stretch the bounds of what’s possible, and explore new use cases for NFTs.
Furthermore, the beneficiaries of the Creator Fund initiative will have a lot at their disposal to ensure the success of their projects. The XRPL is a carbon-neutral blockchain specially meant for Payment and DeFi projects. Additionally, the functionality of its native token, user-friendliness, and in-built royalties will serve as an extra edge for projects on XRP Ledger. Meanwhile, this will aid their projects to enable value to move at scale, eliminating the need for Layer-2 protocols or smart contracts.
How creators will benefit from using XRPL for their NFTs Project
In January, Ripple incorporated the NFT-Devnet on the XRPL. Likewise, the feature will make available prominent preprogramming NFT requirements like minting, burning, and trading on XRP Ledger. According to the announcement, Ripple claims that the XRP Ledger is more efficient than other proof-of-work blockchains.
Additionally, Ripple claims that XRP Ledger is the first major blockchain to be carbon-neutral. In that regard, the firm established that the features of XRPL will aid the creation and transaction of NFT in a sustainable way. An extract of the announcement indicates “Taken together, these features and benefits make the XRPL the clear blockchain of choice for NFT creators and utility-based NFTs.”
Above all, the Creator’s fund initiative is aimed at enhancing the growth of the XRP ecosystem by attracting emerging developers. Undoubtedly, the initiative is actualizing the purpose of its existence.