Ripple initiates $250M fund for NFT designers
NFTs are called Non-Fungible Tokens, which are in the form of a digitalized asset representing different real objects across the globe, for example, videos, games, music, and art. It doesn’t hold any specified boundary but has originated recently, leaving behind all the other forms of digital currency in the trend. NFTs have been in existence since the year 2014, but it has gotten the spotlight recently. Ripple, another exchange that deals with an exchange, has raised an ample amount of money to fund the Non-Fungible creators, i.e., two hundred fifty million dollars.
Ripple raised the money to simplify the complexities of the market of NFTs
It has become difficult for the Non-Fungible Token creators to get access to the resources easily. Therefore, Ripple has stepped in to help these creators create more such digital assets in the market.
There have been many types of research that show the highly expensive fees and solid experiences creators had while creating these NFTs and the new technology-driven environment that supports such digital assets. Therefore, by the launch or issue of this fund, Ripple plans to collaborate and work with the NFT creators of the market.
Ripple is set to achieve the new standards of NFTs
Ripple believes that with NFTs in the market, it can enhance the whole concept of tokenization and accelerate its overall growth. It also states that with this launch of the fund, the already existing market players of NFTs i.e., “NFTs marketplaces and Mintable”, will be stepping down to get access to the fund.