What Is Ripple’s Creator Fund?

Published on:

Enabling a Global NFT Creator Community on XRPL

Non-fungible tokens (NFTs) and their creators are changing the way different markets operate. They are being used in industries such as art and music, real estate, and gaming. The underlying blockchain technology is gaining more and more momentum, which is why NFTs are becoming more popular.

Ripple has created the Ripple Creator Fund as a $250 million commitment to help NFT creators use the XRP Ledger (XRPL) to explore the limits of NFT projects and applications.

They offer creators all the necessary tools, financial backing, and relationships to get their projects started on the XRPL. This is done through a worldwide community of innovators and builders who are pioneering the field and discovering new application possibilities for tokenized assets.

XRPL: Purpose-Built for NFT Creators and Developers

The XRP Ledger was designed to be easy to use and have native token functionality. In January, NFT-Devnet was released as a beta environment to make it easier for people to create NFTs and join the Web3 movement.

A couple of the key benefits to using the XRPL for NFT creation include:

  • Speed: Transactions are completed in 3-5 seconds. This has been done with nearly 70 million closed ledgers since 2012.
  • Low Cost: Fractions of a penny per transaction makes costs very affordable, making it possible to use NFTs for a variety of purposes.
  • The XRPL is the first major blockchain to be carbon-neutral. This means that it doesn’t produce any harmful emissions and has been this way since 2020. Additionally, it is more efficient than other leading proof-of-work blockchains.
  • NFT-Devnet has a bunch of activities that users can do, like minting, burning, and trading. There are also activities that require royalties. You can find all of this information in the metadata.
  • The XRP Ledger is open-source, meaning that it is available to anyone who wants to build on it. It is also maintained by the community, meaning that anyone can contribute to keeping it running smoothly.

NFT-Devnet is a place where you can create and test your next NFT project. This site is customizable, so it can grow with any and all needs. Whether you are new to the world of NFTs or to the XRPL community, this site makes it easy to get started.

Expanding NFT Partnerships

Since the Creator Fund’s inception, we’ve received over 3,800 project ideas that explore NFT use cases in gaming/metaverses, music/entertainment, art/collectibles, and more. xPunks, Steven Sebring, and Justin Bua are just a few of the Creator Fund recipients who have gone on to greater heights with their NFTs.

The XRPL has allowed some really cool and unique NFT projects to come to life. They’ve also had the opportunity to partner with some of the biggest names in the industry to help drive further expansion. By working with other companies, they are able to make it easy for people to create, sell, trade and use NFTs within the XRPL community.

Mintable, mintNFT, NFTPRO, Eternal Labs, and onXRP are all examples of industry partners. Other companies who might assist you in breaking into the NFT market include creative agencies such as VSA, who can help brands and businesses enter the space.

What’s Next for NFTs?

So far, the main uses for NFTs have been for things like avatars, art, and collectibles. But there are new applications starting to emerge that could use the technology in a more practical way. Ripple think that media and entertainment, carbon credits, and real estate will be the most important areas to watch for real-world applications of NFTs. We’ll go into more detail about each in future posts.

The RippleX team will advocate for the XRPL’s NFT standard to be incorporated in a future software release with the goal of continuing to inspire ground-breaking projects and yet-to-be-imagined applications from the extremely talented XRPL community.