Months after Ripple launched its NFT-focused Creator Fund, XRP Ledger (XRPL) is experiencing an enormous demand for its NFT hosting ecosystem.
In a blog post dated April 7, Rippl stated that it had seen "incredible momentum and exciting NFT use cases come to life on the XRPL" with a list of prominent creators joining its NFT ecosystem which is centered on bringing the metaverse, tokenized projects, arts and gaming to life.
Ripple's creator fund is a $250 million dedication to assist creators by providing them with the basic tools, financial aid, and partnerships to jump-start their projects on XRPL. From the time of its launch in September 2021, Ripple has onboarded over 4000 creators under several projects through its creator fund such as Justin Bua, an award winning author and artist, xpunks and filmmaker Steven Sebring.
XRPL has also established partnerships with several creative agencies and several marketplaces such as VSA Partners, Mintable, NFT PRO, Ethernal labs and MINT NFT to link the convocation of various artists.
The latest addition to the list of NFT creators on the XRPL has been the producer of ex-NBA champion Micheal Jordan's visual autobiography "for the love of the game", Rare Air Media. Rare Air Media plans to create NFTs on the Ledger for the ex NBA champion, with the first set of NFts slated to be launched in Q2 2022.
The motive behind mounting NFT creators is because of its speed, which enables users to carrying out transactions in less than 5 seconds. Its simplicity, sustainability and minimal transaction fees is responsible for the massive growth of its userbase.
XRPL is now centered on building extra use cases on the NFT Dev-Net to allow creators who want to create NFTs or join the Web3 movement to interact with its functionalities smoothly. They also plan to expand its creator fund to gain more creators.
With the NFT market experiencing a massive growth over the past three years, it's increasing obvious that NFTs and Web3 could possibly be the future. Celebrities including Paris Hilton, Snoop dog, and leading brands like Disney and Nike are already immersed with NFTs.
According to a report by 'non-fungible', NFT trading skyrocketed 21000% from 2020 with the sales topping a bit over $17 billion taking the NFT Market's total market valuation to about $40 billion. The amount of people holding NFTs also increased from 89,000 to over 2.5 million according to the report. With the rise of the metaverse, the market capitalisation of NFts is expected to surge even higher after activating a wall of institutional funds to flow into these ecosystems.