Ripple Announces $250 Million NFT Creator Fund’s Newest Recipients

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Last Updated on October 19, 2022 by Bitfinsider

The $250 million Creator Fund from Ripple, which is intended to support the creation of NFT-related initiatives on the XRP Ledger, has announced the second round of beneficiaries who have been chosen to participate.

The metaverse platform 9LEVEL9, which will offer virtual event tickets as NFTs, the Japanese NFT marketplace Anifie, the NFT sports platform Capital Block, the XRP NFT marketplace NFT Master, the NFT IP firm SYFR Projects, the NFT membership project ThinkingCrypto, and Cross-Metaverse Avatars are all joining the fund’s second wave.

In an interview, Boris Alergant, Head of DeFi Markets at Ripple, stated that the fund’s goal was to hasten the NFT economy of XRP. The fund’s initial wave of members was announced in April.

NFTs are distinctive blockchain tokens that represent ownership and can be linked to a variety of other assets, including event tickets, digital artwork, and tangible goods. According to Dune Analytics, OpenSea, the top NFT marketplace, saw slightly under $350 million in total volume transacted on Ethereum in September, which continues to be the most popular blockchain for NFTs today.

The XRP Ledger (XRPL) is a decentralized, open blockchain that is managed by a large, international development community. It is made to be quick, efficient with energy, and trustworthy.

Sean O’Leary, founder of SYFR Projects, said in a statement: “The Ripple Creator Fund and XRP Ledger are leveling the playing field for artists. It is up to teams like SYFR Projects who are in the thick of the music industry to innovate leveraging the capabilities of the XRPL.”

Alergant said that members of the XRP Ledger Foundation, Ripple, and an unnamed community organization evaluated and cast votes on each of the Creator Fund applications submitted by Ripple.

Alergant further added: ““We’re definitely committed to that $250 million and to seeing that innovation on the ledger,” but “We tried not to blow it all in one place.”

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