A Ripple executive says it is possible for the company tokenization transform the creative economy. He also notes that he believes he can create new business models.
Ripple launches Ripple Creator Fund
As you know, Ripple is an enterprise blockchain and crypto solutions company. In September 2021, 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 Fungible Tokens (NFT) and other tokenization projects on the XRP Ledger.
On October 18, Ripple announced the second wave of creators to receive funding for NFT projects through Ripple’s Creator Fund. This funding round has been awarded to independent creators focused on building functional use cases across gaming and Metaverse, as well as music and media on the XRP Ledger. These buyers included companies such as 9Level9 Productions, Anifie, Capital Block, NFT Avatar Maker, NFT Master, SYFR Projects, and ThinkingCrypto.
Markus Infanger, vice president of RippleX Growth, says Ripple selects projects that bring tokenization use cases to life, specifically projects that provide functional benefits such as access rights, ticketing, and physical items. According to the vice president, Ripple has sought the ideas, teams, and visions that are most compatible with bringing innovation and creativity to NFTs that go beyond digital art. Infanger also emphasizes that while Ripple’s Creative Fund is open to all types of NFT projects, each funding wave has a theme. On the subject, the vice president says:
This wave focuses on entertainment and media, especially music. We want to support independent creators with the necessary technical, financial and co-marketing support to engage their communities through NFTs.
“A tokenized future is quickly becoming a reality”
Markus Infanger confirmed that Ripple’s Creative Fund has received more than 4,000 applications to date. Ripple is investing $250 million in creators in the Web3 Industry. Infanger says this is because “it will transform the creative economy of a tokenized future.” He also notes that it will create new business models and deepen creators’ relationships with their communities. The vice president also states that Ripple prioritizes NFT projects. In this context, he makes the following statement:
Because we are seeing a tokenized future rapidly becoming a reality. In fact, the World Economic Forum predicts that 10% of world GDP will be tokenized by 2027. Just five years after yesterday! Ripple’s Creative Fund will attract a wider community of creators to participate in and benefit from NFTs. Thus, it will help accelerate adoption.
As you follow on Kriptokoin.com, Ripple has a “smart contract” to facilitate and accelerate any developer accessing all core NFT functions natively on the XRP Ledger through core API calls, including minting, burning, swapping and assigning royalties. He says he adopts the “no need” approach.
The project envisions XRP Ledger as a leading platform for issuing and managing NFTs. It also hopes to position it as a place where creators and developers will continue to explore the utility in NFTs through use cases such as asset ownership and interactive experiences that will help bring about a tokenized future.
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