Ripple has announced the establishment of a new fund worth $250 million to support the building of non-fungible token projects on its XRP ledger. The company promised to provide artists with the necessary support.
Ripple took it to Twitter earlier on September 29th to outlined its newest endeavor, which this time will focus on the NFT industry.
The new product, dubbed the $250M Creator Fund, is set to “enable creators to explore new use cases for NFTs on the XRPLedger and engage more deeply with the communities they care about.”
To do so, Ripple plans to work with artists and marketplaces to provide them with the financial, creative, and technical support they might require.
The new initiative comes through a partnership with the creative agency VSA Partners and NFT platforms such as mintNFT and Mintable.
The NFT industry has been booming since the start of the year, despite the first non-fungible tokens seeing the light of day a few years back.
Popular names from almost every industry have announced initiatives in regards to digital collections to enhance fan engagement. Some of the most prominent names include the football legend Tom Brady, the comic studio giant Marvel, and the hip hop titan Eminem.
The rapid growth of popularity pushed more cryptocurrency-oriented companies to launch products to support the creation and development of NFTs, and Ripple seems to be the latest to do so.