- Avinandan Banerjee
- September 27, 2022
Non Fungible Tokens or NFTs are one of the most popular offerings from the world of crypto assets at this moment, and it has indeed taken the world by storm. As a result, it is not surprising to observe all the big names in the industry willing to jump on the train to make the most out of this opportune moment.
The same goes for the latest project introduced by Ripple. They have recently launched a new creator fund intending to bolster the adoption of NFT minting on the blockchain.
Tokenize the whole world
Quite recently, during their last Developer Summit, Ripple announced the launch of a creator fund with a valuation of a staggering amount of $250 million. The fund is directly aiming at the marketplaces, creators, and brands interested in exploring novel use cases for Non Fungible Tokens with the help of the XRPL platform. Ripple intends to attract the broader community of artists and creators working closely with NFTs and discover the true potential of the Ripple Blockchain.
The XRPL platform is willing to provide the creators an amazing chance to dabble into the world of NFTs through a much cheaper, faster, and sustainable way of minting NFTs on the platform. With the launch of the Creators Fund, Ripple will now be able to support those groups of creators and artists who were always hesitant to get themselves acquainted with the world of NFTs because either they were technologically challenged or had some financial difficulties.
In addition to that, their aim is to provide thorough help with the marketing of their NFTs as well as providing all the creative and technical support in order to make sure that their venture into the world of NFTs is a really smooth one.
Setting up smart contracts on Ripple
There has been a lot of news on Ripple during the past year, and they were mostly for all the wrong reasons. Their ongoing tussle with the US SEC has had a negative impact on the value of the cryptocurrency. However, this could not dampen the train of improvement that the Ripple Blockchain is on, and in an attempt to keep up with the developments in this sector, they too have initiated their engagements with smart contracts early this year.
Only last month, Ripple announced that they are willing to launch smart contracts on their blockchain. David Schwartz, who is the CTO of the company, mentioned that their intention was to use the Federated Sidechain in order to make this thing happen on the blockchain. Eventually, this would enable solutions to be developed on the blockchain by developers, and slowly but surely, it would bring Decentralized Finance or DeFi apps on the network.
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