Non-fungible tokens, or NFTs, have been one of the greatest winners in the cryptocurrency boom of the last two years. At online auctions, these tokens are fetching millions of dollars, and everyone wants a piece of the action. Ripple, the company behind the XRP cryptocurrency, is the latest to join the contest. It’s set up a $250 million (Rs. 1,857 crores) fund to help digital artists and developers work on NFTs and build digital receipts for assets ranging from paintings, movies, and melodies to collectibles and concert tickets on the XRP Ledger.
To help speed the latest Creator Fund effort, the San Francisco-based startup has partnered with NFT markets MintNFT, Mintable, and VSA Partners.
Despite the fact that certain non-fungible tokens have sold for millions of dollars at auction, the world of non-fungible tokens remains unknown. Entry barriers exist for creators, such as the worry of not being able to market their work. The XRP Ledger, according to Ripple, is well-suited to provide a superior NFT experience. It claims that its ledger lowers transaction costs and is designed to be environmentally sustainable.
The corporation also explains how its newly established fund will reward creators in another tweet. It claims that the fund will assist creators in obtaining financial and co-marketing support in order to create high-quality NFT initiatives.
The NFT sector has been booming since the beginning of the year. Companies that focus on bitcoin have rolled out a range of products to support the development of NFTs as a result of their expanding popularity. Ripple is the most recent to do so.
A rare collection of 101 Bored Ape Yacht Club NFTs was just sold at Sotheby’s for a whopping $24.4 million (approximately Rs. 179 crores). The NFT’s developers had expected a price of between $12 million (Rs. 89 crores) and $18 million, according to the auction house (Rs. 133 crores).