Ripple Venturing Big on NFT’S! $2Million Granted to Promote NFT

ripple and NFT

RippleX, Ripple’s division dedicated to accelerating the development of innovations centered on the XRP Ledger, just announced its first batch of XRPL grants, demonstrating its commitment to the NFT craze.

The program will provide funding to developers working on XRP-based projects. The creation of non-fungible tokens [NFTs] was the focus of the most recent funding. RippleX selected 25 applications from ten countries and granted them $2 million, according to a release.

The blog read,

“In this wave, more than 100 grant proposals were submitted, and from this incredible batch of applicants, 25 grantees have been awarded nearly $2 million in total value.”

Some of the chosen projects are as follows :

  • Aquarelle: The goal of this project is to create a metaverse based on the XRP Ledger. To present and interact with NFTs, the project aims to establish an open-source NFT framework, a web-based NFT marketplace, and a WebGL 3D virtual gallery.
  • Anchain. Integration of AI – CISOTM for the XRPL: The goal of this project is to leverage NFTs in cybersecurity to create artificial intelligence that governments can use for compliance solutions. The headquarters of AnChain are in the United States.
  • Bithompt- an XRPL explorer and toolkit that will soon be modified to support NFTs. Bithomp is a town in the Swedish province of Sweeden.
  • Interop CryptoIso20022: A startup aiming to automate the conversion of fiat to crypto payments. It is situated in the country of Switzerland.

It’s worth noting that this isn’t the first time Ripple has concentrated on NFTs. It has long recognized the value of NFTs and has worked to integrate them into the XRP ledger.

RippleX proposed new features in May in order to improve NFT compatibility on the XRPL. XRPL might also incentivize developers to create more viable NFT apps and marketplaces, according to the team.

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