The developers as well as Digital artists investigating the booming sector of non-fungible tokens (NFTs) are now able to get funding and technical support with the help of a brand new fund worth $250 million, launched by Ripple, the company behind the XRP token.
NFTs are units of data saved on a blockchain, where every token acting as a digital receipt for assets including paintings, videos, and songs to collectibles and concert tickets.
The creator Fund of Ripple is the recent initiative launched by the company based in San Francisco with the ambition of enabling new use cases for tokenization of assets—for creators and developers alike.
The world of NFTs is still greatly uncharted territory with creators facing problems while entering, ”including the fear their NFTs won’t sell and a lack of understanding when it comes to navigating NFT concepts,” according to marketing materials seen by Decrypt.
Developers, on the other hand, “are often burdened with high gas fees and clunky user experiences on NFT marketplaces or platforms.”