Ripple’s $250M fund backs Web3 projects focused on ‘entertainment and media’
In September 2021, enterprise blockchain and crypto solutions company Ripple launched the Ripple Creator Fund, a $250 million initiative committed to providing creators with the financial, creative and technical support needed to create nonfungible tokens (NFTs) and other tokenization projects on the XRP Ledger.
On Oct. 18, Ripple disclosed the second wave of creators to receive funding for their NFT projects through Ripple’s Creator Fund. This round of funding was awarded to independent creators focused on building functional use cases in gaming and the Metaverse, as well as music and media on the XRP Ledger. This round of recipients included companies like 9Level9 Productions, Anifie, Capital Block, NFT Avatar Maker, NFT Master, SYFR Projects and ThinkingCrypto.
Speaking with Cointelegraph, Markus Infanger, vice president of RippleX Growth, shared that Ripple chose projects that brought life to tokenization use cases — in particular, projects that provide functional utility, such as access rights, ticketing and phygital items. According to the vice president, Ripple looked for ideas, teams and visions that best aligned with bringing innovation and creativity to NFTs that go beyond digital art.
Infanger also shared that, although Ripple’s Creator Fund is open to all types of NFT projects, each wave of funding has a theme. He shared:
Infanger confirmed that Ripple’s Creator Fund has received over 4,000 applicants to date.
Ripple is investing $250 million in creators within the Web3 Industry because it believes that a tokenized future can transform the creator economy, create new business models and deepen creators' relationships with their communities.
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