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Ripple unveils latest Web3 projects under its $250 million Creator Fund

Ripple wants to bring the next big thing in Web3 music, sports and gaming to the XRP Ledger, continuing a project it initiated in 2021 via its $250 million Creator Fund.

On Tuesday, the company revealed the second wave of projects within the NFT ecosystem to be backed by the fund, noting in a blog post that the new projects will help ‘unlock new tokenisation use cases on the XRP Ledger.”

The XRP Ledger is a decentralised public blockchain whose native token is XRP.

According to Team Ripple, and as announced, the new crop of XRP Ledger-focused projects will focus on diverse use cases across media and entertainment. Other sectors the Creator Fund targets are gaming, music, and the metaverse, and the various teams are expected to leverage Ripple’s key advantages around network speed, cost and sustainability, on top of new offerings such as built-in royalty and co-ownership in the growing NFT marketplace. 

Ripple unveiled the $250 million Creator Fund in late September last year, partnering Mintable, VSA Partners and mintNFT in a project aimed at promoting creators seeking to build NFT projects on the XRPL.

The blockchain firm’s commitment is to foster innovation in the tokenization industry, supporting teams looking to create functional NFTs in areas such as real estate, carbon credits, and media among others. Chosen projects receive financial and technical support among other things.

The second wave of beneficiaries are looking to use Web3 technology to revolutionise entertainment and media via the XRP Ledger.

RippleX VP of Growth Markus Infanger commented on the new group of selected teams and what they bring to the ecosystem:

“Web3 technology continues to transform the creator economy by giving power back to the creators. We’ve seen real utility in NFTs with the art community and it is no surprise we are seeing tremendous growth from the entertainment and media industry as a way to cultivate relationships directly with their audiences and offer new content distribution channels.”

According to Infanger, the Creator Fund and its strategic partners are focused on driving the next innovation wave of NFT projects on the XRPL.

The signed independent creators include metaverse-focused NFT tickets platform 9LEVEL9, Japan-based NFT Marketplace Anifie, Web3 sports platform Capital Block, and avatar minting tool Cross-Metaverse Avatars.

There is also NFT XRP marketplace NFT Master that targets video streaming for creators, digitization platform SYFR Projects and digital meetings project Thinking Crypto.

Since its launch, the Creators Fund has received over 5,000 applications and is looking to admit the next group of creators later this year.

The post Ripple unveils latest Web3 projects under its $250 million Creator Fund appeared first on Invezz.

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