Michael Jordan, the greatest basketball player of all time, has a unique story to tell when it comes to the blockchain and NFT space. In this exhibit, Michael will share the story of how he used the blockchain to build his business, as well as his life, and will also discuss the XLS-20 standard and On-Demand Liquidity corridor. While this exhibit will provide some history lessons, it won’t teach you anything about Ripple or its creator fund.
Ripple’s creator fund
Recently, Ripple announced that the first independent creators would receive money through its Creator Fund. Ripple said that it had already received nearly 4,000 applications worldwide. Initially, the Creator Fund is meant to support the development of NFT projects. The fund will help creators with various aspects of the development process, including marketing and tech support. This program is aimed at creating a community of creators who are passionate about the blockchain technology and want to make their work available to a wide audience.
The Creator Fund will help developers and entrepreneurs bring their ideas to life using the XRP token. Ripple says that the fund will help create new blockchain-based platforms for non-fungible tokens. NFTs are digital receipts for various assets. XRP Ledger offers various benefits, including the ability to send and receive payments with minimal fees. However, the fund won’t be able to support all kinds of projects at once.
While Ripple’s Creator Fund will be available to everyone, some creators may be interested in just accessing the fund. Ripple has announced partnerships with Momento NFT and WENEW Labs. It also launched XRP Ledger version 1.9 in April, which includes modifications to the XRP Ledger protocol to support native NFTs on the XRPL. The Ripple Creator Fund is expected to be available to the public soon.
With a $250 million creator fund, Ripple is helping NFT projects on the XRP Ledger. Its objective is to foster the growth of creators, brands, and marketplaces. The funds are being invested in companies such as Mintable and VSA Partners. This allows Ripple to leverage its XRP Ledger advantages and attract more creators. In addition to the creator fund, Ripple has also partnered with a number of NFT marketplaces, including Mintable.
The Ripple Creator Fund aims to support independent creators and entrepreneurs. By creating an environment where independent creators can showcase their work and create a community, the fund seeks to create a bridge between artists and marketplaces. As Ripple continues to build its community and attract more creators, it will support different themes. There are a variety of categories within the Creator Fund, including music, video games, and creative industries.
As the first wave of the Creator Fund begins to roll out, Ripple has already onboarded a variety of NFT creators. The funding will be available to help creators develop cutting-edge NFTs on the XRP Ledger. As Ripple continues to explore different use cases, it has accelerated its presence in the NFT space. In September, the Ripple Creator Fund awarded a development support grant to a leading entertainment marketplace platform.
Ripple’s XLS-20 standard
In the past year, NFTs have become increasingly popular. Many corporations are investigating their use, and there have been numerous collections and trading platforms released to facilitate the use of these tokens. Ripple is continuing to push the technology forward with the XLS-20 standard. To further develop the use cases for NFTs, it has created a new developer network called NFT-Devnet.
Despite its new standard, it is important to note that XLS-20 is still in its early stages of implementation, and has not yet been released as an amendment to the underlying ethereum protocol. However, the XLS-20 standard does enable developers to develop more advanced NFT applications, with added native token functionality. In addition to its native NFT functionality, the XLS-20 standard also allows developers to develop applications that allow users to send and receive XRP without any additional fees or intermediaries.
The XLS-20 standard was proposed last year by Ripple, allowing the ethereum network to support a wide range of native tokens for use in the broader world. This technology allows for an effortless and seamless experience between the XRP Ledger and other applications. Ripple has created the NFT-Devnet beta environment for participants of the NFT Creator Fund. Early NFT use cases included collectibles, avatars, and art. More advanced NFT solutions are being developed on the XRPL.
The NFT industry is rapidly growing, as the network of XRPL-based platforms has developed, and the development community is excited to see this technology come to fruition. Ripple’s XLS-20 standard for NFT XRP has been eagerly anticipated by many stakeholders in the XRP community. If it meets expectations, it will have a significant impact on the global NFT market.
In addition to its new XRP-Devnet, the XRPL fund aims to help developers build on the underlying technology. Ripple is also committed to investing 1 billion XRP into XRP Ledger development and has created a new fund to support developer programs. This funding is expected to be a key component of Ripple’s XRP Ledger development and adoption.
The XRP network has been updated in recent weeks, and Ripple has partnered with companies that are developing new applications for it. The XRP network is constantly updating, which minimizes gas costs and gives it equal footing with ETH. Ethereum has been plagued by high fees and frequent network congestion. Meanwhile, Rare Air Media and VSA Partners are launching Michael Jordan NFTs on XRPL, with unique landmark photographs and personal insights about the NBA legend.
Ripple’s On-Demand Liquidity (ODL) corridor
Ripple is a technology that enables payments anywhere on the blockchain. Through RippleNet, a growing global network, financial institutions can process payments reliably and cost-effectively. With XRP, the digital asset used in Ripple transactions, banks can lower costs and enter new markets. The company has customers all over the world. In fact, XRP is the most widely used cryptocurrency, with hundreds of thousands of users.
The first region to accept payments made through the ODL is Japan, which is home to many of Ripple’s investors. In Japan, it is being rolled out with SBI Remit, and the company has acquired a 40% stake in Malaysia’s Tranglo, which aims to expand its ODL service in that country. In December, Ripple was sued by the US Securities and Exchange Commission, accusing its executives of misrepresenting XRP investors and raising $1.3bn through an illegal ongoing digital asset securities offering.
Tranglo, a Malaysia-based payment hub, has enabled Ripple’s On-DemanD liquidity service across 25 payment corridors. Through the RippleNet network, the new service eliminates pre-funding of destination accounts. This reduces operational costs and unlocks capital. And if you’re a business owner, this could be the right time to start leveraging Ripple’s On-Demand Liquidity Corridor.
The Philippine corridor recorded $2.1 million in transaction volume over the past 24 hours. Its transaction volume has continued to rise. XRP/AUD reached an all-time high in March and has sustained growth since then. All the pairs monitored by the Liquidity Index Bot are increasing. Moreover, the Philippines and U.S.-Mexico corridors have seen significant growth.