San Francisco-based blockchain company Ripple is betting big on non-fungible tokens by launching a $250 million fund specifically dedicated to the latest cryptocurrency craze.
Artists, brands, agencies and marketplaces can apply for funding in order to explore NFTs on XRP Ledger.
Apart from money, NFT creators can also get creative and technical support from the company.
Marketplace's Mintable and mintNFT, as well as Chicago-based design agency VSA Partners, have already joined forces with Ripple.
In a "Ripple Drop" episode released in early August, Ripple CTO David Schwartz explained that XRPL is an ideal fit for NFTs because of its high speed and low and predictable transaction fees:
Ethereum has shown wide variability in its transaction fees (sometimes being very high, sometimes being very low). It's not a good customer experience is sometimes it's very difficult to trade an NFT and sometimes it's very easy to.
Schwartz submitted a proposal to produce a larger number of NFTs and make them more scalable.
In June, Ripple partner SBI Holdings published a report that highlights the benefits of issuing NFTs on XRP Ledger:
The XRP Ledger blockchain has the ability to tokenize not only XRP but also a variety of other assets.
Ethereum still reigns supreme in the NFT sector, enjoying its first-mover advantage. However, Solana, which recorded its first 7-figure sale earlier this month, has already started chipping away at the market share of the second-largest blockchain.
Other "Ethereum killers" of the likes of Cardano are also attempting to make a ripple in the NFT niche.