- Ripple Labs unveils the second round of recipients for its $250 million web3 funding project.
- The selected developers were along the lines of gaming, metaverse, as well as NFT media, and music.
- Ripple plans to control a sizable market share by 2027 as it pushes NFTs on its XRP Ledger.
Ripple begins the second round of its Creator fund disbursements to web3 creators as part of its support for industry developers.
Launched in 2021, the Creator fund was initiated by the blockchain payment solution Ripple to provide financial and technical support to create Non-Fungible tokens (NFTs) on its XRP ledger. The $250 million fund entered its second phase of disbursement with web3 entertainment and media firms at the center.
Developers that build around NFT gaming, media, music and the metaverse were selected, with startups like NFT Avatar Maker, NFT Master, ThinkingCrypto, Anife, and Capital Block, among others, getting funds to scale up creation on the XRP ledger.
Marcus Infanger, the Vice President of RippleX Growth, said that the company chose developers with projects with functional use cases for the Web 3 ecosystem. He further added that web3 is vast, and a new team is chosen for each funding wound, with this second round being web3 entertainment.
“This wave is focused on entertainment and media specifically music. We want to provide support to indie creators with the technical, financial, and marketing support necessary to engage with their communities through NFTs.”
Ripple’s goal is to position itself as a leading NFT network by being the go-to spot for Web 3 developers in the coming years. Infanger added that the World Economic Forum projects that by 2027, 10% of the world’s GDP will be tokenized, and XRP Ledger can help meet up this target by being the top platform for minting and managing NFTs.
The small beginnings for Ripple
Ripple created a $250 million fund last year to accelerate web3 adoption by partnering with NFT developers. The fund has had over 4,000 applications since its creation, with the company pledging to keep the selection process transparent.
Ripple Labs partnered with industry leaders like Mintable, Mint NFT, and VSA Partners to create the NFT revolution on XRP Ledger. In the first round of support, notable creators were supported, including filmmaker Steven Sebring, author, and entrepreneur, Justin Bua, and popular NFT project xPunks, among others.
This year, Ripple has also announced partnerships with NFT marketplaces, including NFT Pro and Ethernal Labs, to integrate the XRP ledger into their respective platforms.
