Home News Ripple launches $250M fund for NFT creators

Ripple launches $250M fund for NFT creators

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Fintech company Ripple has launched a $250 million fund for digital artists and developers in the segment of non-fungible tokens (NFT). Decrypt reported this.

Thus, Ripple’s Creative Fund will provide funding and technical support to representatives of the NFT sector.

Above all, the company is negotiating cooperation with non-fungible token marketplaces and creative agencies.

Investing in the Mintable marketplace

Previously in July, Ripple supported the Mintable NFT platform as part of a $13 million Series A funding round.

In addition to Ripple, Animoca Brands, Expedia Group, former Bill Clinton adviser Doug End, Shutterstock founder John Oringer and other investors supported the platform. Moreover, the founder and CEO of the company, Zach Burks, told that there was no leading investor in the round. All participants contributed the same amount of money.

After Series A, the total funding of the NFT marketplace amounted to $15.5 million. In March, the platform closed the seed round of investments for $2.5 million. Then Time Ventures, Ashton Kutcher’s Sound Ventures and billionaire Mark Cuban supported it.

NFT Boom

In 2021, NFTs have become one of the hottest topics in the cryptocurrency industry. World publications devote the front pages to these assets, sports stars invest in them and even schoolchildren earn hundreds of thousands of dollars on their sale.

In March, Mike Winkelmann‘s NFT, known under the pseudonym Beeple, went under the hammer at Christie’s auction for $69.3 million. He unexpectedly joined the ranks of the highest-paid artists living today. The works of Banksy, Pablo Picasso and Andy Warhol are transforming into NFT. And the State Hermitage Museum sells tokenized works of art from its own collection. Technology can exacerbate the existing problems of the art industry. Which has long been called “an ideal platform for money laundering”.

The huge turnover and the traditional way of the art trade industry make it attractive to criminals who want to legalize illegal income. Regulation in this area is becoming tougher, so the washers are looking for new tools to implement their schemes. NFT can become one of such tools. The NFT segment remains a gray zone of the “Wild West”, in which it is very easy to clear money. It is “doomed” to regulation, and the supervisory authorities have already paid attention to this.

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