The Creators Fund will help current projects fuel their growth and give startups an initial boost
Crypto solutions business Ripple has announced the second wave of creators to receive funding for their Web3 and NFT projects on the XRP Ledger.
The money is a part of Ripple’s $250 million Creators Fund program. The company is committed to helping creators bring their projects to life by offering financial, creative, and technical support. The company states that this new wave of creators is building entertainment and media-focused NFT projects.
As the world of Web3 expands Ripple hopes the funding will enable projects to achieve their goals. Among the second wave of recipients is NFT sports platform Capital Block, Japanese NFT marketplace Anifie and 9LEVEL9, who intends to sell tickets to virtual events as NFTs. Various other projects are also included in the funding.
A helping hand
RippleX vice president of growth, Markus Infanger commented on Web3 technology and how the Creators Fund can help build future projects “Web3 technology continues to transform the creator economy by giving power back to the creators. We’ve seen real utility in NFTs with the art community and it is no surprise we are seeing tremendous growth from the entertainment and media industry as a way to cultivate relationships directly with their audiences, and offer new content distribution channels,” Infanger went on. to say “With the support of our strategic partners and the Creator Fund, we look forward to helping fuel innovations built on the XRP Ledger.”
Ripple is currently caught up in a lawsuit with the US Securities and Exchange Commission. The SEC alleges its sale of cryptocurrency tokens violated securities law as the tokens were apparently not registered. However, a recent development in the case notes that Ripple has filed a legal memo against the SEC.
In other recent Web3-based news, Waves Lab has announced a new incubator to help guide Web3 developers.