Ripple Reveals 2nd list of Fund Recipients to Boost NFTs on XRPL

Paigambar Mohan Raj
Source: NewsBTC

Ripple has announced the second lineup of its $250 million Creator Fund recipients. The announcement follows the recent vote that would eliminate the bug barring NFTs (Non-fungible tokens) on the XRP ledger (XRPL).

As previously reported, NFTs on Ripple was pushed due to a bug that could be exploited by malicious players. The vote to eliminate the feature already has the 80% necessary votes. However, voting does not end till the 27th of October. As per the vote, NFTs on the XRP ledger might just show up as soon as voting concluded. Ripple announcing the second list of recipients of its Creator Fund further adds weight to the possibility of NFTs appearing on XRPL sooner than previously anticipated.

Among the new recipients is the metaverse platform 9LEVEL9, which will sell tickets to virtual events as NFTs. Fan-focused Japanese NFT marketplace Anifie, NFT sports platform Capital Block, XRP NFT marketplace NFT Master, NFT IP company SYFR Projects, NFT membership project ThinkingCrypto, and Cross-Metaverse Avatars are among the others.

A panel of representatives from the XRP Ledger Foundation, Ripple, and unidentified community members evaluated and cast votes on each of the Creator Fund applications.

Ripple revealed the first wave of the Creator Fund’s recipients in April 2022. The aim of the fund is to promote NFT-related projects on XRPL.

According to Sean O’Leary, founder of SYFR Projects, one of the recipients,

“The Ripple Creator Fund and XRP Ledger are leveling the playing field for artists. It is up to teams like SYFR Projects who are in the thick of the music industry to innovate leveraging the capabilities of the XRPL.”

Why does Ripple want to allocate $250 million for NFTs during a bear market?

Many find it surprising that Ripple has decided to allot $250 million to NFTs when both, the NFT markets and the crypto markets, are down. However, Ripple’s Head of DeFi Markets Boris Alergant says that no one should be scared of the crypto downturn. Alergant pointed to the innovations that are made during bear markets as one reason for the lack of fear.

That aside, Ripple is also going through a nearly 2-year long lawsuit slammed by the SEC. According to Ripple’s CEO, the lawsuit should have an answer by next year. So far, things have gone pretty smoothly for the crypto project. Many are on the edge awaiting the jury’s decision.