Ripple, a provider of enterprise blockchain and crypto solutions, announced a US$250 million fund to explore non-fungible token (NFT) and other tokenisation projects on the XRP Ledger.
The XRP Ledger is a decentralised, public blockchain led by a global developer community. Its built-in decentralised exchange (DEX) provides fast settlement for tokenised assets of all types–including NFTs.
The company said that NFT marketplaces and creative agencies who recognise the potential of these unique tokenised assets and, as part of the launch, will have first access to the Ripple’s Creator Fund.
This includes NFT marketplaces mintNFT and Mintable, the latter in which Ripple is an investor, as well as American media company VSA Partners.
Ripple added that minting NFTs on the XRP Ledger will enrich the experience for creators seeking new ways of monetising their works.
For developers, the XRP Ledger’s performance advantages—speed, low cost and built-in royalties— enables it to drive NFT utility at scale, and without the need for Layer-2 protocols.
Library support is also available to simplify NFT integrations and bypass direct XRP Ledger development.