In a press statement released on March 10, 2022, Ripple stated the beneficiaries include independent creators like artists, musicians, game designers, and builders.
Some of the high profile creators to benefit from the fund include author, producer and entrepreneur Justin Bua, filmmaker Steven Sebring and xPunks.
Notably, the initiative is creator-centered and seeks to act as a link between different artists with marketplaces and creative agencies. Most of the notable partners include Mintable, MintNFT, and VSA Partners.
In the statement, Ripple acknowledged the growing role of NFTs in the crypto 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,” said Monica Long, GM of RippleX at Ripple.
Ripple’s fund will still support creators
According to Ripple, the fund will still back creators on a rolling basis accompanied by different themes per application wave.
The latest beneficiaries are working under metaverse, gaming, art and collectables themes. Generally, the themes are aligned based on existing and emerging NFT use cases on the XRP Ledger.
The fund, which launched in September last year, seeks to help creators produce state-of-the-art’ NFTs.
Elsewhere, Ripple’s ledger has been integrated with NFT Pro, Ethernal Labs, and OnXRP marketplaces to enable faster transactions. The integration also comes with built-in royalty structures and co-ownership functionality.
Furthermore, it also entails an inbuilt decentralized exchange (DEX) that facilitates fast settlement for tokenized assets of all types–including NFTs.
Ripple accelerates NFT presence
In recent months, Ripple has accelerated its presence in the NFT space by exploring different use cases and strategic partnerships. Recently, the company also awarded Feature, an entertainment and music marketplace platform, a $100,000 development support grant.
The award is part of RippleX’s XRPL Grants program that seeks to accelerate differences in crypto, including payments, smart contracts, and NFTs.
The company also views 2022 as a massive opportunity for cryptocurrencies. According to Finbold’s report, Ripple has identified cryptocurrencies as the new order for finance.
Notably, Ripple continues to venture into emerging cryptocurrency discipline despite the ongoing case with the Securities Exchange Commission. As the case drags on, the company expects to conclude by November 2022.
Finally, Ripple has also been caught in the sanctions debate between Russia and the West over removing the country from SWIFT. The company’s CEO, Brad Garlinghouse, acknowledged that they would abide by international law and sanctions.