Ripple Labs is launching a fund for creators, marketplaces and brands to explore new use cases for nonfungible tokens, or NFTs, on its ledger.<\/p>\n
In a Wednesday announcement, Ripple said the $250 million fund would be focused on accelerating adoption in the crypto space by working with nonfungible tokens, or NFTs. The platform said it wanted to address concerns with the minting of the tokenized artwork, including \u201cclunky\u201d user experiences, high transaction fees and the possible effects on the environment.<\/p>\n
\u201cWe believe NFTs embody the promise of tokenization and represent a tipping point for its embrace by the mainstream,\u201d said Ripple. \u201cThrough the Creator Fund and the XRPL, we\u2019re excited to unleash new utility for NFTs and accelerate the broader shift to tokenization.\u201d <\/p>\n
According to Ripple, NFT marketplaces, including MintNFT and Mintable and creative agencies, would be among the first to have access to the fund. Any proposed NFT use case would be built on the XRP Ledger, giving creators an opportunity to monetize their work. Ripple CTO David Schwartz has previously cited the ledger\u2019s low cost, high speed and payments features to \u201cstreamline NFT creation at scale.\u201d<\/p>\n