Ripple laboratories; raise funds for manufacturers, markets and brands to explore new uses for NFTs in their ledgers.
Ripple announced on Wednesday that the $ 250 million fund will focus on accelerating the penetration of cryptocurrencies using NFT. The platform aims to address the issues associated with creating tokenized artworks, including “bulky” user experience, high transaction fees, and potential environmental impacts.
“We believe that NFTs hold the promise of tokenization and represent the critical threshold for mainstream adoption. “With the new funding and XRPL, we are excited to explore new uses for NFTs and accelerate the transition to tokenization.”
According to Ripple, NFT markets like MintNFT and Mintable will be among the first to gain access to the fund. All proposed uses of NFT will be based on the XRP ledger, giving content creators the ability to monetize their work. Ripple’s CTO David Schwartz said that XRP’s low transaction fee, high speed, and ledger payment features will significantly simplify the NFT creation process.
Mintable announced in July that it plans to integrate with the XRP ledger, which they believe is “adequate to provide a seamless experience for NFT.” The platform has generated more than 700,000 NFTs since 2020.