Ripple announces NFT incubation program

The US Securities and Exchange Commission (SEC) has filed a proceeding against both Ripple and its executives on December 220, 2020, claiming that XRP is an unregistered security.

Last week, a significant decision was made about this incident. It didn’t end the controversy, but it effectively showed Ripple’s victory. Around the same time, Ripple announced that it would launch the first wave of NFT Creator Funds.

attend #SXSW?? Please join us from March 11th to 13th. #NFT Function of #XRPLLearn about the $ 250 Million Creator Fund and chat with your friends @MintNFTofficial When @XRPLPUNKS, And learn what other authors are doing in the ledger. 👇 https: //t.co/rKuuegjfSj

— Ripple (@Ripple) March 7, 2022

What is an NFT Creator Fund?

The NFT Creator Fund is a program that helps Ripple start NFT projects by providing creators with the tools, financial support, and access to potential partnerships. This program includes the development of NFT lines and NFT marketplaces by creators seeking new talent.

The Ripple team has announced that XRP Ledger has a built-in easy-to-use native token feature called XLS-20d. During the first wave of the NFT Creator Fund, participants will use NFT-Devnet. This is a beta environment that enhances XRP Ledger’s NFT support.

According to the announcement by Ripple Teams, NFT-Devnet is designed to allow anyone, regardless of experience level, to create NFT projects quickly and efficiently. Promoting XRP Ledger’s speed, affordability, simplicity, and carbon-neutral operation, Ripple shows that NFT incubation programs are designed for long distances.

In the first wave, the total budget for the Creator Fund was set at $ 250 million. Since the start of the program, we have nearly 4,000 applicants and offer a wealth of use cases. Creators include xPunks, Steven Sebring and Justin Bua, with Mintable, mint NFT, NFT Pro and Ethernal Labs joining as marketplaces. The team’s blog post states:

“Since the launch of the Creator Fund, we have accepted nearly 4,000 applicants who have submitted projects focused on NFT use cases such as games / metaverse, music / entertainment, art / collectibles, etc.”

Why is Ripple doing this?

The Ripple Creator Fund is currently the only creator-centric program on the market. The team’s announcement also includes a statement that describes Ripple’s view of the future of NFTs as more than just art. The blog post states:

“Early NFT use cases focused primarily on avatars, art, and collectibles, but more utility-based applications are emerging. As technology and its use cases continue to mature, the NFT experience. It is these real applications that continue to enrich and provide usefulness to the community. “

Let me explain in more detail.

“The key utility-based use cases that seem to have the most direct impact include media and entertainment, carbon credits, and real estate. In future posts, from a technical and practical application perspective. We will dig deeper into each of them.

In support of this statement from the announcement of the blog post, Ripple’s general manager of app development, Monica Long, also commented on the pace of growth in the NFT market, saying:

“NFTs quickly proved to be useful within cryptocurrencies, from digital experiences and rewards to artist royalties and sharing of real-world assets.”

These statements show Ripple’s belief in the future of NFTs. It also shows that efforts to support creators are aimed at building an innovative NFT use case community unique to Ripple. Overall, the Ripple team seems convinced that the proceedings with the SEC will not bring their disadvantages.