- With the growing digital art and NFT ecosystem, Ripple and VeChain are advancing innovation to drive key evolution.
- Through Ripple’s ecosystem fund and VeChain’s Phygital support, creators are bound to be empowered with funds and superior tech.
Riding on the goal to bring blockchain innovations into the mainstream digital economy, the duo of Ripple Labs and VeChain are amongst the top pioneers driving the shift to this new world. Since the advent of Non-Fungible Tokens (NFTs), the creator economy has shifted remarkably over the past few years.
From what started as digital artwork registered on the blockchain through CryptoPunks, the digital collectible world has extended to music and other creative areas. With the industry now in the spotlight, here is a short insight into how Ripple and VeChain are championing the growth of the emerging multi-billion dollar industry.
Ripple floats a $250M creator Fund
Ripple Labs Inc is a blockchain payments firm whose footprint in the digital currency ecosystem is now growing at a very fast pace. Away from its core business, Ripple also maintains the XRPLedger, a smart contract platform designed for creators.
As its own commitment to helping develop the NFT ecosystem, Ripple has launched a $250 million creator’s fund to enable every artist to bring their collections to the XRP Ledger. While the XRPL has a high transaction throughput, it is also known to be extremely cheap, and its transactions are notably fast. These features come off as the core selling points Ripple has for creators to consider embracing the protocol.
At this time, Ripple wants developers and creators whose projects can contribute to the growth of the Ripple ecosystem in the near future. While the potential beneficiaries of the fund will be drafted irrespective of location, the preferred projects will be those with a defined NFT utility and community engagement.
While the initiative is in partnership with top projects including onXRP, MINTNFT, and CrossTower amongst others, the firm announced the beneficiaries of its second wave of the fund back in October last year. With applications for the 3rd Wave now closed, Ripple said it will make the announcement when the applications for the 4th Wave are opened.
VeChain and the World of V Partnership
While VeChain remains one of the most innovative blockchain protocols, its recent partnership with the World of V platform is bound to showcase its unique potential in the near term. The partnership involves a pivot into a whole new class of products dubbed Phygitals.
World of V is thrilled to introduce Phygitals-as-a-service: bridging the gap between physical and digital experiences through the combination of #NFTs and #IoT powered by @vechainofficial tech.#WorldofV #VNFT $VET #WoV #VeChainhasNFTs #NFThttps://t.co/Gp439UNf3A
— World Of V | NFT Marketplace (@worldofv_art) February 3, 2023
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Phygitals are digital goods that have their counterparts in the physical world. The products form the next frontier for NFTs as users want a more definitive use case for the choice of digital collectibles. As detailed in its announcement, the World of V platform has launched its Phygitals-as-a-Service product and it has designed the product to be embraced by everyone.
The platform has created a model in which the physical items can be authenticated for originality while the digital version’s Proof of Ownership can easily be verified by all. With the Phygital products branded as a combination of the potentials of the Internet of Things (IoT) and NFTs, a whole new experience is bound to be unleashed for users in the Web3.0 ecosystem.