Ripple launches $250 million NFT fund

Karthik Subramanian

Ripple has announced today the launch of its new NFT fund that is of worth $250 million to study and foster new and innovative use cases for non-fungible tokens.

This fund was revealved as part of its XRPL developer summit and it will be focussed on the development of different use cases of NFTs on the XRP Ledger. This new fund would be used to support developers, marketplaces and brands that are focussed on the NFTs. The NFT industry has gained a lot of following recently and though it started off mainly for the art industry, it has since grown into different use cases for different industries and the technology is stiln nascent. There are a variety of ways in which NFTs can be applied and used for the real world and it is this innovation and the space for growth that Ripple and other businesses are looking to tap into.

The Creator Fund launched by Ripple is done in partnership with NFT marketplaces Mintable and mintNFT which have direct knowledge about the demand for NFTs.

“While NFTs have opened the door for a tokenized future, actually navigating these concepts is a different ball game for many,” said Monica Long, GM of RippleX at Ripple. “By starting with marketplaces and creators, our fund seeks to take the guesswork out of NFT projects to unlock unexplored tokenization use cases on the XRP Ledger.”

The XRP Ledger has not yet been used widely for NFTs as yet but the advantages of using it, like the high speed, low cost and the built-in royalty system should make it a good candidate for the NFT future to be built on it and this is likely to be what Ripple might be planning as well. XRP also has strong library support for NFT integration which removes the need for core development within the XRP Ledger as far as NFTs are concerned.

As is widely know, Ripple is involved in a legal tangle with the SEC to decide on whether XRP should be considered as a security or not and it looks as though this focus on NFTs is likely to turn the attention of the SEC on NFTs as well and it may well choose to decide on whether NFTs are indeed securities and whether they should be made tradable within the US or not. This is something that the crypto industry is waiting for the regulators to action upon and it will be interesting to see what the regulators decide.

Read this next

Digital Assets

Binance upgrades Bahrain license to offer full-suite of crypto services

The Central Bank of Bahrain (CBB) has granted Binance its Category 4 license as a fully-fledged crypto-asset service provider (CASP).

Digital Assets

BitMEX spot exchange hits $24 million in daily volume

The newly-launched spot market of crypto exchange BitMEX reported a record of $24 million in 24-hour trade activity on May 25.

Retail FX

Financial Commission certifies offering of trade copier 4X Solutions

The Financial Commission, an independent self-regulatory compliance specialist for the financial services industry, has certified the trading technology offered by trade copier 4X Solutions.

Industry News, Inside View

LIVE from Devexperts webinar for brokers on Fractional Trading

Finance Feeds is providing live coverage of the event that aims to help brokers discover fractional shares as a key tool for a successful brokerage business in today’s trading industry.

Industry News, Retail FX

ASIC celebrates retail ban on binary options as 68% of wholesale clients lose money

In the 13 months before the ban, between 74% and 77% of active retail clients lost money trading binary options. The product intervention order does not apply to wholesale clients.

Crypto Insider

Investing in crypto: how to stay away from weak players

The main reason behind the hacks of crypto exchanges is weak key management. For example, all 4 hacks that took place in 2021 were caused by the ability of hackers to obtain access to hot wallets. 

Retail FX

Vantage launches swap-free gold XAUUSD trades for all clients until end of July

“As the greenback continues to strengthen, we want to support traders who remain bullish on gold or seek short term trading opportunities amid the volatility”

Industry News

Broadridge launches ESG reporting solution ahead of European regulation SFDR

The Broadridge managed solution for EET adds to existing Broadridge services, including European PRIIPs Template, European MiFID Template, Solvency II Tripartite Template and many more across the European jurisdictions.

Industry News

iCapital to acquire embedded structured investment platform SIMON

SIMON’s platform, SPECTRUM, is a multi-dimensional allocation analysis and portfolio construction tool designed to evaluate how structured investments and/or annuities may fit into a portfolio.