Dominic Kimani
Digital payment protocol Ripple has yet again showcased its commitment to supporting NFT creators building on the XRP Ledger. The blockchain-powered payment network has allocated $250 million to promote the development of NFT-related projects.
In an October 18 press release, Ripple announced the second wave of recipients selected to apply its $250 million Creator Fund. Ripple has allocated these funds to support creators developing NFT-related projects on the XRP Ledger.
Meet the next wave of creators utilizing the #XRPLedger to kickstart their NFT projects
This wave sought projects focused on entertainment , made possible by NFT marketplace and infra partners to ensure a seamless user experience for creators: https://t.co/zYDsGaFJxd
— Ripple (@Ripple) October 18, 2022
Ripple Unveils $250 Million NFT Creator Fund
Ripple’s Creator Fund will provide indie creators with the technical, financial and co-marketing support necessary to engage with their communities through NFTs. According to the announcement, Ripple will not require Creator Fund applicants to have specialised experience to apply.
Ripple NFT Creator Funds has attracted notable incubation platforms, including metaverse platform 9LEVEL9, which will sell tickets to virtual events as NFTs. Others include fan-focused Japanese NFT marketplace Anifie, NFT sports platform Capital Block, XRP NFT marketplace NFT Master, NFT IP company SYFR Projects, NFT membership project ThinkingCrypto, and Cross-Metaverse Avatars.
Ripple Allocates $250M Despite Crypto The Bear Market
It’s worth noting that Ripple unveiled a similar creator fund in April when the general crypto market was somewhat flourishing. At the time, Ripple allocated $250 million to help creators accelerate their state-of-the-art NFTs on the XRP Ledger.
Nevertheless, the recent Ripple’s NFT push appears amid the ongoing bear market that has left many digital assets shedding more than 60% of their value in the past four months. But, in an interview with Decrypt, Ripple’s Head of DeFi Markets, Boris Alergant, has maintained that he doesn’t think anyone should be scared of the ongoing crypto downturn. He remarked:
“I’ve seen bear markets. Ripple has seen, you know, a ton of bear markets. The innovation that comes out during these bear markets—it’s really when people sit down and build and these interesting new use cases and awesome things come out.”
In the meantime, Ripple has already received more than 4,000 applications for its Creator Fund. It plans to announce its third and final wave of Creator Fund recipients sometime in Q4 of this year.
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This article was written for Business 2 Community by Dominic Kimani.
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