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HomeCrypto NewsRipple’s $250M Fund Supports Web3 Projects in the ‘Entertainment and Media’ Sectors

Ripple’s $250M Fund Supports Web3 Projects in the ‘Entertainment and Media’ Sectors

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The Ripple Creator Fund, a $250 million initiative committed to providing creators with the financial, creative, and technical support needed to create nonfungible tokens (NFTs) and other tokenization projects on the XRP Ledger, will be launched in September 2021 by enterprise blockchain and crypto solutions company Ripple.

Ripple announced the second wave of creators receiving funding for their NFT projects through Ripple’s Creator Fund on October 18. This round of funding was given to independent creators working on developing functional use cases in gaming and the Metaverse, as well as music and media for the XRP Ledger. Companies in this round included 9Level9 Productions, Anifie, Capital Block, NFT Avatar Maker, NFT Master, SYFR Projects, and ThinkingCrypto.

Read article: The Ripple (XRP) Community Is Anticipating the 7th SEC Motion for Reconsideration of Hinman’s Documents

Markus Infanger, vice president of RippleX Growth, stated that Ripple chose projects that brought to life tokenization use cases — specifically, projects that provide functional utility, such as access rights, ticketing, and physical items. According to the vice president, Ripple sought ideas, teams, and visions most aligned with bringing innovation and creativity to NFTs that went beyond digital art.

Infanger also mentioned that while Ripple’s Creator Fund is open to all NFT projects, each funding wave has a specific theme. He revealed:

“This wave is focused on entertainment and media, specifically music. We want to provide support to indie creators with the technical, financial, and co-marketing support necessary to engage with their communities through NFTs.”

Ripple’s Creator Fund has received over 4,000 applications, according to Infanger.

Ripple is investing $250 million in Web3 Industry creators because it believes a tokenized future can transform the creator economy, create new business models, and strengthen creators’ relationships with their communities.

Read also: Ripple Expands Into France And Sweden With Its ODL Division

According to the vice president, Ripple is prioritizing NFT projects because “we see a tokenized future quickly becoming a reality.” Indeed, the World Economic Forum predicts that 10% of global GDP will be tokenized by 2027—only five years from now!” He said Ripple’s Creator Fund could help accelerate adoption by enticing a larger community of creators to participate in and benefit from NFTs.

He stated that Ripple had taken a “no smart contract required” approach in order to make it easier and faster for any developer to access all essential NFT functionality natively on the XRP Ledger via basic API calls, such as minting, burning, exchanging, and assigning royalties.

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