Ripple has stocked up a $250 million fund to support the development of non-fungible tokens (NFTs) on its site.
- The Creator Fund will interact with the creators, brands, and marketplaces to identify new use-cases for NFTs on Ripple’s XRP network that help to compete more solidly with the Ethereum blockchain.
- NFTs have been largely adopted by fashion houses, artists and creators, and celebrities. At the moment, there are nearly 20 million NFTs on the OpenSea site, the largest marketplace for the tokens.
- Ripple stated that they believe NFTs represent the promise of tokenization and the mark of the tipping point for embrace by the mainstream. The XRP network and the Creator Fund is interested in unleashing new utility for NFTs and accelerating the wide shift to tokenization.
- Ripple’s XRP network is an open-source, decentralized site, which many users use for the speed and low cost of making payments across its network.
The network’s XRP token has gained massive popularity in 2021. It soared nearly 290% over the year compared with a 50% jump in bitcoin in the same period. BTC USD up +3.80%, XRP USD up +1.29%