17 February 2023 12:35, UTC
Reading time: ~3 m
It happened to have been the CTO of Ripple, David Schwartz, who had the foresight and believed the fact that the second rush of tokenized assets would be shifting direction toward utility-based NFTs. The present time seems to stand witness to the fact that he was not off the mark. One of the prime occurrences in Web3 happens to be the linking up of real-world products, services, and overall exposure with the digital world. This is already becoming known as the phygital NFTs. There happens to be an entire array of activities that seems to be happening with the necessary boosting by blockchain.
It happened to have been only in the month of October 2022 that Ripple managed to rope in hordes of NFT creators, which helped change the very concept of the entertainment and media industry through its Creator Fund. However, it was the music industry, in particular, where the change happened to be more visible. At the present moment in time, Ripple is engaged in opening the doors for new tokenization use cases on the XRP Ledger. Here, all of the connected creators are working towards harmonizing real-world and virtual-world experiences with real-world utility.
Ever since the time the XLS-20 hit Mainnet, the XRP Ledger has witnessed numerous projects standing to gain from the XRP Ledger’s economic, carbon-neutral, immediate settlement. In the meantime, Ripple happens to be investing in functional NFT projects with the help of its Creator Fund and a pledge to contribute $250 million for the sake of encouraging innovation in tokenization. The Creator Fund happens to be offering financial, as well as creative and technical backing, in order to assist NFT creators to breathe life into their projects on the XRPL.
With the help of the Creator Fund, Ripple has formed a team of seven members to lead the way in speeding up the work on tokenization. One of them happens to be the President and CEO of Hot Import Nights, who has plans to utilize NFTs in the form of tickets to be able to connect with IRL events and specific merchandise made available to NFT holders. Another member of the team is Adrian Balastegui, who happens to be an artist and is looking to combine the physical and virtual worlds through paintings. The third is Emporio Records, an independent record label whose focus lies in the utilization of NFTs as a means of connecting with artists’ fans and communities.
The fourth team member in line happens to be Mike Sofirakos, who seems to have a creative bent of mind and looks for ways and means of assisting artists in making their way to the digital world of NFTs. There is also another team member, Natacha, who has the desire to forward her NFT offerings to real-world prints. Yet again, there happens to be Robert Chew, who needs to breathe life into his comic books. Last but not least, happens to be TraumAmnesia, who is an NFT and crypto artist wanting to bring to life his digital works.