Blockchain’s payment processor Ripple has decided to join the growing world of NFT. The company announced the creation of a new $ 250 million fund to support the building of NFT projects on XRP Ledger. The company promised to provide artists with the necessary support.
Ripple has created a $ 250 million fund to support the NFT
Ripple announced its latest effort, this time focusing on the NFT sector, on September 29 Twitter. The $ 250 million in the new fund is intended to “enable creators to explore new NFT use cases on XRPLedger and engage more deeply in the communities they care about.”
To this end, Ripple plans to work with artists and marketplaces to provide them with the financial, creative and technical support they may require. The new initiative comes through partnerships with the creative agency VSA Partners and NFT platforms such as mintNFT and Mintable, in which Ripple is an investor, along with Mark Cuban and others.
The NFT sector has been experiencing a boom since the beginning of the year, although the first nonfungible tokens saw the light of day a few years ago. Popular names from almost every possible industry have announced digital collections initiatives to improve fan engagement. The most important names include American football legend Tom Brady, a giant in the world of comics and movies Marvel and hip hop titan Eminem.
The rapid growth in popularity has led more cryptocurrency companies to launch products to support the creation and development of the NFT, and Ripple is the latest.