Ripple’s $250M fund backs Web3 projects focused on ‘entertainment and media’

In September 2021, endeavor blockchain and crypto solutions institution Ripple launched the Ripple Creator Fund, a $250 cardinal inaugural committed to providing creators with the financial, creative, and method enactment needed to make non-fungible tokens (NFTs) and different tokenization projects connected the XRP Ledger.

On Tuesday, Ripple disclosed the 2nd question of creators to person backing for their NFT projects done Ripple’s Creator Fund. This circular of backing was awarded to autarkic creators focused connected gathering functional usage cases successful gaming and metaverse, arsenic good arsenic euphony and media connected the XRP Ledger. This circular of recipients included companies similar 9Level9 Productions, Anifie, Capital Block, NFT Avatar Maker, NFT Master, SYFR Projects, and ThinkingCrypto.

Speaking with Cointelegraph, VP of RippleX Growth Markus Infanger shared that Ripple chose projects that brought beingness to tokenization usage cases — successful particular, projects that supply functional utility, specified arsenic entree rights, ticketing, and phygital items. According to the VP, Ripple looked for ideas, teams, and visions that champion aligned with bringing innovation and creativity to NFTs that spell beyond digital art.

Infanger besides shared that, though Ripple’s Creator Fund is unfastened to each types of NFT projects, each question of backing has a theme. He shared:

“This question is focused connected amusement and media, specifically music. We privation to supply enactment to indie creators with the technical, financial, and co-marketing enactment indispensable to prosecute with their communities done NFTs.”

Infanger confirmed that Ripple’s Creator Fund has received implicit 4,000 applicants to date.

Ripple is investing $250 million into creators wrong the Web3 Industry due to the fact that it believes that a tokenized aboriginal tin alteration the creator economy, make caller concern models, and deepen creators' relationships with their communities.

Related: Web3 devs ‘more progressive than ever’ amid crypto winter: Report​​

The VP besides shared that Ripple is prioritizing NFT projects due to the fact that "We spot a tokenized aboriginal rapidly becoming reality. In fact, the World Economic Forum projects that 10% of the world’s GDP volition beryllium tokenized by 2027—just 5 abbreviated years from now!” He added that Ripple’s Creator Fund tin assistance accelerate adoption by attracting a broader assemblage of creators to enactment successful and payment from NFTs.

He said Ripple has taken a “no astute declaration needed” attack to marque it easier and faster for immoderate developer to entree each indispensable NFT functionality natively connected the XRP Ledger done basal API calls, including minting, burning, exchanging, and assigning royalties.

Ripple hopes to presumption the XRP Ledger arsenic a premier level for minting and managing NFTs, and a spot wherever creators and developers tin proceed to research inferior successful NFTs done usage cases specified arsenic plus ownership and interactive experiences that volition assistance bring astir a tokenized future.

Interest successful Ripple’s Creator Fund comes astir the aforesaid clip that the institution is engaged successful a ineligible conflict with the United States Securities and Exchange Commission (SEC). On Sept 29, Cointelegraph reported that Ripple Labs had scored a victory successful its continuing ineligible conflict with the SEC aft U.S. District Court Judge Analisa Torres ruled to merchandise the documents written by erstwhile SEC Corporation Finance Division Director William Hinman. The documents predominantly subordinate to a code Hinman delivered astatine the Yahoo Finance All Markets Summit successful June 2018.