Ripple Creates $250 Million Fund to Support NFT Projects

NFTs, or non-fungible tokens, have been one of the biggest gainers of the cryptocurrency craze that has developed over the past two years. These tokens are selling for millions of dollars at online auctions and everyone is trying to get a pie of this sudden boom. Joining the race now is Ripple, the company behind the XRP crypto coin. It has created a $250 million (Rs. 1,857 crores) fund to support digital artists and developers working on NFTs and creating digital receipts of assets ranging from paintings, videos, and songs to collectibles and concert tickets on the XRP Ledger.

The San Francisco-based company has tied up with NFT marketplaces MintNFT, Mintable, and VSA Partners to help accelerate the latest Creator Fund initiative. You can apply for the fund here.

Despite some NFTs making millions of dollars at auction, the world of non-fungible tokens is still rife with uncertainty. Creators face entry barriers such as the fear of not being able to sell their products. Ripple believes its XRP Ledger is well-suited to offer a better NFT experience. It says its ledger reduces transaction costs and is also environmentally friendly by design.

In another tweet, the company outlines how its newly launched fund will benefit creators. It says the fund will help creators get financial and co-marketing support to craft premium NFT projects.

Since the beginning of the year, the NFT industry has been booming. All thanks to the rising popularity, companies, which focus on cryptocurrency, have rolled a series of products to back NFTs' development And, Ripple is the latest to do so.

Recently, a unique set of 101 Bored Ape Yacht Club NFTs was sold for a staggering $24.4 million (roughly Rs. 179 crores) at Sotheby's. According to the auction house, the creators of the NFT had anticipated a price between $12 million (Rs. 89 crores) and $18 million (Rs. 133 crores).