Ripple Labs is reportedly going to introduce a new fund, dedicated to creators, marketplaces and brands, assisting the deep-dive into new use cases, for nonfungible tokens (NFTs) on its ledger. 

Specifically, Ripple reportedly revealed that the $250 million fund would be channeled towards amplifying accelerating adoption throughout the crypto sphere, via utilizing NFTs. 

The platform further disclosed its intention of tackling challenges associated with the minting of the tokenized artwork, nominally “clunky” user experiences, high transaction fees and the potential impacts on the environment.

“We believe NFTs embody the promise of tokenization and represent a tipping point for its embrace by the mainstream. Through the Creator Fund and the XRPL, we’re excited to unleash new utility for NFTs and accelerate the broader shift to tokenization.” Ripple further remarked. 

Per Ripple, NFT marketplaces, including MintNFT and Mintable as well as creative agencies, would reportedly be the first selected entities to be able to tap into the fund. 

Any NFT use case put up for proposal would reportedly be developed on the XRP Ledger, offering creators a chance at earning profit from their work, with Ripple CTO David Schwartz mentioned in the past the ledger’s low cost, high speed and payments functionalities to enhance NFT creation at scale.”

In July, Mintable publicly disclosed its plan of completing the integration with the XRP Ledger, since it was “ideally suited to deliver a seamless experience for NFTs” – with the platform finalizing the minting for over 700,000 items since 2020.