Ripple has announced the launch of a new $250 million creator fund focused on non-fungible tokens (NFTs). The San Francisco-headquartered company said in a press release that the fund will support creators, brands and marketplaces to expand the adoption of NFTs across the XRP Ledger network.
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Particularly, Ripple plans to provide blockchain developers with:
- Financial and co-marketing support.
- Technical support for a superior NFT experience built on the XRP Ledger.
- Creative support through agency partners to craft premium NFT projects.
The company said it is teaming up with NFT marketplaces (MintNFT and Mintable) and creative agencies (VSA Partners) so that they will get an early access to the fund. Ripple's new initiative comes after the fintech company teamed up with Bhutan's central bank to help it with testing the national digital currency.
The Royal Monetary Authority of Bhutan will use a proprietary version of Ripple's distributed ledger created specifically for central bank digital currencies (CBDCs). It will test retail, cross-border and large payments using the digital version of Bhutan's ngultrum.
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