The Securities and Exchange Commission (SEC) of the United States stated that XRP was an unregistered security and launched a lawsuit against Ripple and both of its CEOs on December 2, 2020. The court battle is still on, with the crypto community keeping a close eye on its development.
Last week, a significant decision in the case was reached. While it did not end the issue, it effectively signalled Ripple’s victory. Simultaneously, Ripple announced the launch of the first round of their NFT Creator Fund. The NFT Creator Fund is a programme through which Ripple gives creators the tools, financial assistance, and access to prospective collaborations they need to get their NFT ventures off to a good start. The initiative will feature creators looking to expand their NFT lines as well as NFT markets looking for fresh talent.
Attending #SXSW? Join us March 11 – 13 to discover #NFT capabilities on the #XRPL, learn about our $250M Creator Fund, chat with our friends @MintNFTofficial and @XRPLPUNKS, and learn about what other creators are doing on the ledger. 👇https://t.co/rKuuegjfSj
— Ripple (@Ripple) March 7, 2022
The Ripple team has announced that the XRP Ledger has an easy-to-use native token capability called XLS-20d built in. Participants in the first wave of the NFT Creator Fund will use NFT-Devnet, a beta environment that improves XRP Ledger’s NFT capabilities. According to the statement from Ripple Teams, NFT-Devnet is intended to allow anybody, regardless of skill level, to swiftly and effectively construct their NFT projects. Ripple implies that their NFT incubation initiative is intended to be long-term by promoting XRP Ledger’s speed, affordability, simplicity, and carbon-neutral operation.
The overall budget of the Creator Fund for the first wave was set at $250 million. Since the program’s inception, it has received approximately 4,000 applications with a diverse range of use cases. xPunks, Steven Sebring, and Justin Bua are among the creators, and Mintable, mint NFT, NFT Pro, and Ethernal Labs have joined as markets.
Ripple’s future plans on NFT
The Ripple Creator Fund is now the market’s sole creator-focused initiative. The team statement explains Ripple’s perspective on the future of NFTs as more than just art. The Ripple team stated that the early NFT use cases will focus mostly on avatars, art, and collectibles. However, new utility-based applications are emerging. With time, the user base will grow, and the Ripple Creator Fund will incorporate real-world applications that will improve NFT experiences and provide value to the community.
The primary utility-based use cases that will have the most immediate effect include media & entertainment, carbon credits, and real estate, and we will take a deeper look into these from both a technical and practical application viewpoint in future blogs.
Monica Long, Ripple’s general manager of app development, commented on the rapid velocity of the NFT industry, stating that NFTs have swiftly demonstrated actual usefulness inside crypto – from digital experiences and rewards to artist royalties, co-ownership of real-world assets, and more.
These remarks demonstrate Ripple’s confidence in the future of NFTs. They also state that their efforts to assist developers are aimed at developing Ripple’s own creative NFT use case community. Overall, it appears that the Ripple team is optimistic that the SEC case will not be detrimental to them.