Executives at Ripple have stated that their belief is that tokenization can create revolutionary business models and transform the creator economy. Ripple, a crypto solutions and enterprise blockchain company, launched the Ripple Creation Fund in September 2021.
This $250 million initiative provides creators with financial, creative, and technical support to create non fungible tokens and other tokenization projects using the XRP Ledger.
Ripple announced the second round of funding recipients for NFT projects via Ripple’s Creator Fund on Oct 18. Independent creators were awarded funding to create functional use cases for gaming and the Metaverse. They also received music and media on Ripple’s XRP Ledger. Companies such as Anifie Productions, Capital Block and Thinking Crypto were among the recipients.
Markus Infanger (Vice President of RippleX growth) shared his views with Cointelegraph. He said that Ripple selected projects that would bring life to tokenization use case cases, in particular projects that provide functional utility such as ticketing and access rights. Ripple sought out ideas, visions, and teams that were most aligned to bring innovation and creativity to NFTs, he said.
Infanger shared the following: Although Ripple’s Creator Fund is open for all types of NFT project, each wave funding has a theme. He shared the following:
“This wave is centered on entertainment and media, particularly music. We are here to support indie creators by providing financial, technical, and marketing support that allows them to connect with their communities via NFTs.
Infanger confirmed that Ripple’s Creator Fund had received more than 4,000 applicants.
Ripple has invested $250 million to create cutting-edge business models for the Web3 Industry. It believes that a tokenized world can transform the creator economy and strengthen creators’ relationships within their communities.
The Vice President also stated that Ripple prioritizes NFT projects as “We see a tokenized tomorrow quickly becoming a reality.” The World Economic Forum estimates that 10% of the world’s GDP will be tokenized in 2027, just five years from now. He also said that Ripple’s Creator Fund could help accelerate adoption by attracting more creators to benefit from NFTs.
Ripple, he said, has adopted a “no smart contracts needed” approach to make it faster and easier for developers to access all NFT functionality natively on XRP Ledger via basic API calls. This includes minting, burning and exchanging royalties.
Ripple wants to position the XRP Ledger to be a leading platform for creating and managing NFTs.
It will also be a place where creators can continue exploring utility in NFTs via use cases like asset ownership and interactive experiences. This will lead to a tokenized tomorrow.
Ripple’s Creator Fund is being sued by the United States Securities and Exchange Commission. Cointelegraph reported on Sept. 29 that Ripple Labs had won a victory in their ongoing legal battle with the SEC. U.S. District Judge Analisa Torres ordered release documents by William Hinman, former director of the SEC Corporation Finance Division. These documents are primarily related to Hinman ‘s speech at the Yahoo Finance All Markets Summit, June 2018.