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    Thursday, September 30, 2021

    Ripple Announces $250M fund to Support NFTs on XRP Ledger

    Olufemi Adeyemi 

    Major blockchain and crypto enterprise Ripple officially announced its launch of a $250 million fund to give NFT creators financial, creative, and technical support.

    The leading company believes it will enhance its engagement in crafting premium non-fungible tokens (NFT) and other tokenization projects on the XRP Ledger.

    As a result of the global expansion of non-traditional financial institutions (NFTs), new revenue streams and business models have emerged, while traditional relationships with communities, people, and things have been strengthened.

    NFTs may shape a new financial system, opening the world to more money-making opportunities – the virtual metaverse. The latest news on the NFT ecosystem reveals Ripple’s launch of $250 Million Creator Fund and P2P Marketplace 4K NFT.

    Advanced technology always comes along with pain points, cutting-edge NFTs’ development is not an exception.

    A majority of obstacles when it comes to NFT engagement roots in fear of commercial failure and a lack of knowledge about the concepts underlying NFTs.

    On the other hand, for mainstream use, high transaction fees and clumsy user experiences on marketplaces or platforms make it an uneasy approach.

    Digital art and collectibles receive a positive response and drive more mainstream interest.

    But in terms of NFTs’ utility, the mission extends further to these applications. Ripple’s Creator Fund centers longtail use cases for tokenization by delivering creative and technical guidance to a broad range of marketplaces, creators, artists, and brands.

    Highlights are on better user engagement, marginal ownership, and other forms of fractional ownership.

    To achieve these goals, Ripple will partner with NFT marketplaces and creative agencies that share the same viewpoint on the promising future of tokenized assets, including Mintable, VSA Partners, and mintNFT. They will be part of the strategic project and grant initial access to the fund.

    Ripple’s Creator Fund and its partners are working together to accelerate the evolution of non-financial tokens (NFTs) while also eliminating the major obstacles associated with developing compelling projects:

    Luxury fashion brands in particular and the fashion industry in general officially entering the NFT field is only a matter of time when 4K NFT Marketplace went live on the Ethereum network Wednesday morning.

    Despite some existing challenges, the potential of adapting to the NFT wave is undeniable. Through the launch of the 4K platform, users can now mint non-fungible tokens, representing physical goods.

    The platform aims to bridge blockchain and physical assets, enabling real-world assets to be transferred to the blockchain, according to the company’s statement. By engaging in the marketplace, users receive an NFT symbolizing ownership of a physical asset.

    The company purchases the item from a seller, authenticates it, insures it, and stores it for customer use. The holder of the NFT can then exchange their NFT for the physical item in question.

    While other projects focus on turning crypto assets into fiat. 4K’s vision is to make the difference: bringing physical assets onto the blockchain and expanding the cryptocurrency market.

    The project broadens the application of NFTs beyond digital art to include luxury items in the real world. Owners of valuable physical assets are one step closer to participating in the decentralized finance (DeFi) ecosystem as a result of the conversion of physical goods into NFTs.

    After the launch announcement, more than 5,000 people have signed up for the website drops, and more than 10,000 people have signed up for early access to the marketplace, based on the most recent information available.

    The platform would also provide international access to highly sought-after luxury goods, some of which are not readily available in other parts of the world.

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