SNEAK PEEK
- The second wave of tokenized assets will be converted to NFTs depending on their usefulness.
- Many food and drink companies used a tokenization approach.
- Ripple’s Creator Fund, a $250 million commitment to tokenization innovation.
Ripple CTO David Schwartz projected that the second wave of tokenized assets will convert to utility-based NFTs. Every Ripple CEO who commented on 2023 crypto trends projected that 2023 would be the year of real-world usefulness.
The linking of real objects, activities, and events with the virtual environment—known as “phygital NFTs”—is one of the top Web3 developments that has arisen in the last year. From moving IRL performances to the virtual world to token gating with utility, blockchain allows corporations, performers, and artists to deliver unique items and content to their following.
Some of the most well-known brands in the design, beverage, and food industries, such as Starbucks, Nike, Adidas, and Balmain, have embraced a tokenization approach to create direct ties with their consumers and provide fresh content distribution networks.
Via its Creator Fund, Ripple delivered a wave of NFT innovators reshaping the media and entertainment business, notably music, in October. Ripple is now enabling additional tokenization use cases on the XRP blockchain, with designers focusing on fusing virtual and physical experiences for real-world benefit.
With the release of XLS-20 on Mainnet, the XRP Ledger has seen dozens of projects profit from the XRP Ledger’s minimal, carbon-neutral, quick settlement, and constructed royalty arrangements, maximizing value for NFT artists and their networks to consume content.
Ripple’s Creator Fund, a $250 million pledge to support tokenization innovation, has continued to invest in viable NFT initiatives. The Creator Fund gives financial, creative, and technical assistance to NFT developers in order to help them bring their initiatives to life on the XRPL.
Ripple intends to hasten the development of tokenization with the Creator Fund, which is led by seven independent artists, including Hot Import Nights, Adrian Balastegui, Emporio Records, Mike Sotirakos, Natacha Einat, Robert Chew, and TraumAmnesia. It’s fascinating to hear directly from these imaginative inventors about how they want to use NFTs on the XRPL.
