“NFTs are huge right now, but there’s a caveat. I think they started off from a very different angle than they should have”.
Ripple has unveiled the first independent creators to receive funding for their NFT projects through Ripple’s Creator Fund after nearly 4,000 applications. Among the selected creators are Justin Bua, Steven Sebring, Ethernal Labs, NFT Pro, and xPunks.
NFT marketplaces NFT PRO, Ethernal Labs, and onXRP have also teamed up with Ripple to integrate the XRP Ledger.
The global NFT market has reached $25 billion in sales in 2021 and it seems to be only the beginning. Ripple’s move into the NFT segment could be a game-changer as the space matures into a real main street revolution.
Monica Long, GM of RippleX at Ripple, said: “NFTs have very quickly proven to have real utility within crypto—from digital experiences and rewards to artist royalties, co-ownership of real-world assets and more. By way of our Creator Fund and strategic partners, we’re leading more creators into the tokenized future and bringing their NFT apps and use cases to life on the XRP Ledger.”
Ripple’s Creator Fund was launched in September 2021 and commits $250 million to help creators get started with their NFTs in a move that proves the value and benefits of the XRP Ledger for tokenized assets. Its decentralized exchange (DEX) provides fast settlement for tokenized assets of all types–including NFTs.
Last May, Ripple proposed XLS-20, a standard that would support a native NFT type and seamless NFT experience on the XRP Ledger.
The fund is aimed at independent creators, from artists to musicians, to game designers and builders. Ripple will help creators grow their communities and navigate their path to minting with the XRP Ledger.
The NFT promise, however, is much broader than the current popular use cases. We have recently interviewed Michael Pearl, COO at Kirobo, who spoke about the NFT revolution, DeFi, and tech.
Kirobo is an Israeli fintech firm building infrastructure for the Web3, which includes a long list of solutions that will bring mass adoption of NFTs.
“I think for the long run, only the strong will survive. only the projects with viable tech behind them. NFTs are huge right now, but there’s a caveat. I think they started off from a very different angle than they should have. It’s all about cool pictures, videos, and what have you. I don’t want to name drop but you know what I’m talking about.
“I think the next use cases of NFTs are the real exciting ones. I think they will have a huge impact on our lives. I mentioned the NFT of Harvard diplomas. Soon enough we’ll have our IDs and diplomas NFT’d, ownership…”
Kirobo will be there, tapping into the real NFT revolution and facilitating mass adoption in order to create a viable ecosystem for Web3. The firm uses the “conditional transactions” principle for blockchain solutions.
An example used was a trust fund that can only be accessed if the grandson finishes Harvard, on the condition he presents an NFT of the diploma.