In efforts to support NFT creation on the XRP blockchain, Ripple has launched the Creators Fund which provides $250 million in funding to assist NFT creators with the necessary tools, financial support and partnerships required to kickstart and accelerate NFT projects on XRP.
Ripple XRP and NFTs
Ripple XRP is looking to grow into an NFT platform. Advocates of the plan note that the XRP blockchain has several features that make it a prime fit to support NFTs. Since the NFT boom began last year, Ethereum (ETH) has largely been the blockchain of choice for NFT creators and platforms. However as it became clear NFTs were here to stay and likely grow as an asset class, rivals to Ethereum such as Solana (SOL), Cardano (ADA) and others have jumped into the NFT space offering alternatives to Ethereum’s sometimes high gas fees on transactions.
Last year, Ripple announced they joined a Series A investment into Mintable, a site that provides tools for creators to make and mint NFTs. Monica Long, an executive at Ripple described NFTs as “something we’re betting on” and pointed to the XRP ledger’s very low costs and built-in decentralized exchange as a natural fit for the NFT marketplace. Long says in comparison to often high gas fees on Ethereum, the cost of writing to the XRP ledger is close to half a US penny.
Ripple (XRP) NFT partnerships
Since the creation of the ‘creator fund‘ last year, ripple has received nearly 4,000 applicants for submitted projects that focused on NFTs related to gaming, metaverse, music, art, collectibles and much more. Some of the notable partnerships announced thus far are NFT creators Steven Sebring, xpunks and Justin Bua along with many others. Additionally Ripple has partnered with NFT marketplaces such as Mintable, NFT Pro, mintNFT and onXRP to assist creators to share their NFT creations to the world.