Artists who have been onboarded include writer and producer Justin Bua, filmmaker Steven Sebring, and the xPunks. Several marketplaces and creative agencies, such as Mintable, MintNFT, VSA Partners, NFT PRO, Ethernal Labs, and onXRP, have come together to connect the group of diverse artists.
The latter three will integrate the XRP Ledger and offer users a faster, cheaper and more carbon-friendly NFT experience. "We are incredibly excited to have Ethernal Labs partner with Ripple's Creator Fund and integrate the XRP Ledger," said Nick Rose, CEO and founder of Ethernal Labs.
“This partnership allows us to strengthen the Web 3 ecosystem by pioneering cross-chain interoperability and bringing NFTs and digital assets to the masses.” The partnership will enable royalty and co-ownership features.
NFT apps on the XRP ledger
In January 2022, the NFT Devnet was launched, a beta development environment designed to streamline support for NFTs on the XRP ledger and lower the technological hurdle for aspiring NFT developers. Speaking about the rapid pace of the NFT space, the managing director of RippleX's app development arm, Monica Long, said:
“NFTs proved very quickly that they have real utility in the crypto world – from digital experiences and rewards to artist royalties, co-ownership in real assets and more.”
The XRP Ledger features a decentralized exchange that enables settlement for all tokenized assets, including NFTs.
Ripple indicated that the fund will continue to provide regular financial backing for creatives whose work will fall into multiple areas per application wave. The current creators will work on the Metaverse, Gaming, Art and Collectibles themes according to the new and existing NFT use cases on the XRP Distributed Ledger.
Ripple and the Web 3
Ripple has been working in the area of Web 3 and uses for tokenized assets for quite some time. Recently, Ripple paid $100,000 to the entertainment and music marketplace Feeturre to boost Web 3 activity and expand the XRP Ledger ecosystem.
Feeturre connects artists, producers, influencers, and their ambassadors for commerce and collaboration, providing a web-based solution for buyers and sellers in the entertainment industry.
“With the XRP Ledger, Feeturre will have low transaction fees and fast processing, which is a clear advantage over the competition. The integration of XRPL-based NFTs is an important step to accelerate the adoption of the Internet of Value,” said Elliot Lee of RippleX.
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