The non-fungible token (NFT) ecosystem is growing, and more companies are investing in talent in this sector
Ripple Labs is expanding its presence in the cryptocurrency space, and this time, it is entering the non-fungible token (NFT) space. The company announced the launch of a fund specifically for NFT developers and creators.
Ripple Labs announced this latest development via a blog post yesterday. The company said it is part of its XRP Ledger (XRPL) Developer Summit. The new fund is designed to boost innovation in tokenisation, with a special focus on NFTs.
Ripple added that the fund is specifically designed to support developers, brands and platforms, allowing them to find new use cases for NFTs. However, this will be done on the XRP Ledger, allowing creators to take advantage of the platform’s speed, low cost and other features
NFTs have become very attractive in various sectors of the global economy, especially in the entertainment world. The unique nature of NFTs makes it possible for artists and other content creators to monetise the digital version of their work. It also eliminates counterfeits in the art world as NFTs are provably cryptographically unique.
Over the past few months, artists, musicians, movie stars, athletes, sporting institutions and more have developed, launched and sold NFT collections. More companies and celebrities are expected to enter the NFT market over the coming months and years.
Dubbed the Creator Fund, Ripple Labs said this fund is designed to help boost adoption and innovation by engaging a wider range of creators to take part in and enjoy the benefits of non-fungible tokens. Ripple Labs believes that digital art and collectibles are just a small aspect of NFTs.
With the support of the newly created fund and its XRP Ledger for minting and launching NFTs, Ripple Labs is confident creators and developers have the tools to continue to explore utility in NFTs.
Ripple Labs said it intends to solve some of the problems in the NFT world by providing the creative, financial and technical support required for creators to engage and eventually roll out new NFT use cases.