Blockchain payments company Ripple has announced the onboarding of close to 4000 artists, musicians, game designers, and builders under various NFT projects via its $250M Creator Fund., launched in Sep. 2021.
Among the artists onboarded are author and producer Justin Bua, filmmaker Steven Sebring and xPunks. Multiple marketplaces and creative agencies, such as Mintable, MintNFT, VSA Partners, NFT PRO, Ethernal Labs, and onXRP, have come together to connect the convocation of diverse artists. The latter three will integrate XRP Ledger and deliver a faster, low-cost, and carbon-friendly NFT experience for users. “We are incredibly excited for Ethernal Labs to be a partner of Ripple’s Creator Fund and integrate the XRP Ledger,” said Nick Rose, Ethernal Labs CEO and founder. “This partnership allows us to bolster the Web 3 ecosystem by pioneering cross-chain interoperability and bringing NFTs and digital assets to the masses.” The partnerships will provide royalty structures and co-ownership functionality.
NFTs have real utility, says GM
January 2022 saw the launch of the NFT-Devnet, a beta development environment built to improve support for NFTs on the XRP Ledger and lower the technological barrier for aspiring NFT creators. The General Manager of the app development arm RippleX, Monica Long, said of the rapid pace of the NFT space, “NFTs have very quickly proven to have real utility within crypto—from digital experiences and rewards to artist royalties, co-ownership of real-world assets, and more.”
The XRP Ledger has a decentralized exchange that provides settlement for all tokenized assets, including NFTs.
Ripple has confirmed that the fund will still regularly provide financial backing to creators, whose work will fall under multiple themes per application wave. The current creators will work on the metaverse, gaming, art, and collectibles themes, according to new and existing NFT use cases on the XRP Distributed Ledger.
Ripple making concerted push into Web 3
There is no doubt that Ripple is pushing into the realm of Web 3.0 and use cases for tokenized assets, having recently disbursed $100K to entertainment and music marketplace Feeturre to hasten Web 3.0 efforts and add utility to the XRP Ledger ecosystem. Feeturre links artists, producers, influencers, and their representation for commerce and collaboration, providing a web-based solution for buyers and sellers in the entertainment industry. “With the XRP Ledger, Feeturre will have low transaction fees and fast settlement, creating a clear advantage over competitors. The integration of XRPL-based NFTs is a key step in accelerating the adoption of the Internet of Value,” said Elliot Lee of RippleX.
Ripple will be hosting the Ripple House at the South by Southwest festival in Austin, Texas, from Fri, March 11 to Sun., March 20., 2022.
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