XRP regains $1 price point when Ripple announced that they launched a $250M NFT creator fund. The purpose of this creator fund is to engage with creators, brands and marketplaces to find new use-cases for NFTs on Ripple’s XRP network.
NFTs or non-fungible tokens are essentially a digital collector items that represent real-world assets like artwork. Already there are 20 million NFTs on the OpenSea platform which is the largest marketplace for these tokens.
Ultimately, we believe NFTs embody the promise of tokenization and represent a tipping point for its embrace by the mainstream. Through the Creator Fund and the XRPL (the XRP network), we’re excited to unleash new utility for NFTs and accelerate the broader shift to tokenizationRipple
Ripple’s XRP network is an open-source, decentralized platform that many people use for the speed and low cost of sending payments across its network. The blockchain also already hosts NFTs.
The network’s XRP token has gained popularity this year, along with the rest of the crypto market. It’s risen by around 290% over the year, compared with a 50% gain in bitcoin in that time, according to Bitfinex data.