In September 2021, corporate and crypto solutions company Ripple launched the Ripple Creator Fund, a $250 million initiative committed to providing creators with the financial, creative and technical support needed to create non-perishable tokens (NFTs) and other tokenization projects on the XRP Ledger.
On October 18, Ripple revealed the second wave of creators to receive funding for their NFT projects through Ripple’s Creator Fund. This round of funding was awarded to independent content creators focused on creating functional use cases in games and the Metaverse, as well as music and media on the XRP Ledger. This round of recipients included companies such as 9Level9 Productions, Anifie, Capital Block, NFT Avatar Maker, NFT Master, SYFR Projects, and ThinkingCrypto.
Speaking with Cointelegraph, Marcus Invanger, Vice President of RippleX Growth, shared that Ripple has chosen projects that have brought token use cases back to life — in particular, projects that provide functional benefit, such as access rights, ticketing, and phygital elements. According to the Vice President, Ripple searched for ideas, teams, and visions that align best with bringing innovation and creativity to NFTs that go beyond digital art.
Infanger also shared that while Ripple’s Creator Fund is open to all kinds of NFT projects, every wave of funding has a theme. He said he shares:
This wave focuses on entertainment and media, specifically music. We want to support independent content creators with the joint technical, financial and marketing support necessary to engage with their communities through NFTs.”
Infanger confirmed that Ripple’s Creator Fund has received over 4,000 applicants so far.
Ripple is investing $250 million in content creators within the Web3 industry because it believes that a coded future can transform creators’ economies, create new business models, and deepen creators’ relationships with their communities.
Related: Web3 devs ‘more active than ever’ amid crypto winter: report
The vice president also shared that Ripple is prioritizing NFT projects because “we see a token future quickly becoming a reality. In fact, the World Economic Forum predicts that 10% of global GDP will be tokenized by 2027 — just five years from now.” He added that Ripple’s Creator Fund could help accelerate adoption by attracting a broader community of creators to participate in and benefit from NFTs.
He said Ripple has taken a “no smart contract needed” approach to make it easier and faster for any developer to access all of the core NFT functions natively on the XRP Ledger through core API calls, including minting, burning, swapping, and allocating royalties.
Ripple hopes to position the XRP Ledger as the primary platform for staking and managing NFTs, and a place where creators and developers can continue to explore the utility of NFTs through use cases such as asset ownership and interactive experiences that will help realize the future of the token.
The interest in Ripple’s Creator Fund comes at the same time that the company is engaged in a legal battle with the US Securities and Exchange Commission (SEC). On September 29, Cointelegraph reported that Ripple Labs had won its ongoing legal battle with the Securities and Exchange Commission after US District Court Judge Annalisa Torres ordered the release of documents written by former SEC Corporation CFO William Henman. The documents mostly relate to a speech Hinman gave at the Yahoo Finance All Markets Summit in June 2018.
Originally published at San Jose News Bulletin
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