Ripple, a digital payment system, has once again shown its dedication to helping NFT developers who are using the XRP Ledger. $250 million has been set aside by the blockchain-based payment network to support the growth of NFT-related enterprises.
The second batch of applicants for Ripple’s $250 million Creator Fund was revealed in a press release on October 18. These monies have been given to NFT-related project developers on the XRP Ledger by Ripple.
Meet the next wave of creators utilizing the #XRPLedger to kickstart their NFT projects 👋
This wave sought projects focused on entertainment 🎵, made possible by NFT marketplace and infra partners to ensure a seamless user experience for creators: https://t.co/zYDsGaFJxd
— Ripple (@Ripple) October 18, 2022
$250 Million NFT Creator Fund Announced by Ripple
Independent artists will be given the technical, financial, and co-marketing help they need to interact with their communities via NFTs thanks to Ripple’s Creator Fund. The statement states that Ripple will not need candidates for the Creator Fund to have specialized skills.
The metaverse platform 9LEVEL9, which will sell tickets to virtual events as NFTs, is one of the noteworthy incubation platforms that have shown interest in the Ripple NFT Creator Funds. The NFT Master marketplace for XRP, the fan-focused Japanese NFT marketplace Anifie, the NFT sports platform Capital Block, the NFT IP business SYFR Projects, the NFT membership project ThinkingCrypto, and Cross-Metaverse Avatars are among the others.
Ripple Allocates $250M Despite the Bear Market in Cryptocurrencies
It’s important to remember that Ripple introduced a comparable creator fund in April, when the crypto industry as a whole was somewhat booming. Ripple set aside $250 million at the time to aid developers in accelerating developing cutting-edge NFTs on the XRP Ledger.
But despite the continuing bear market, which has seen many digital assets lose more than 60% of their value in the last four months, Ripple’s latest NFT drive looks. Boris Alergant, the head of DeFi Markets at Ripple, said in an interview with Decrypt that he doesn’t believe anybody should be alarmed by the recent crypto collapse. He stated:
“I’ve seen bear markets. Ripple has seen, you know, a ton of bear markets. The innovation that comes out during these bear markets—it’s really when people sit down and build and these interesting new use cases and awesome things come out.”
For its Creator Fund, Ripple has already received more than 4,000 applications. Sometime in the fourth quarter of this year, it intends to reveal the third and final wave of Creator Fund grantees.