Phygital NFT projects to be activated on the XRP Ledger
It happened to be the CTO of Ripple, David Schwartz, who had the foresight to believe that the second rush of tokenized assets would shift towards utility-based NFTs. The present time seems to bear witness to the fact that he was not off the mark. One of the most important events in Web3 is the linking of real products, services and general exposure with the digital world. This is already becoming known as the phygital NFTs. There happens to be a whole range of activities that seem to happen with the necessary reinforcement of blockchain.
Coincidentally, it was only in the month of October 2022 that Ripple managed to get hold of hordes of NFT creators, which helped change the very concept of the entertainment and media industry through the Creator Fund. However, it was the music industry in particular where the change happened to be more visible. Currently, Ripple is engaged in opening the doors to new use cases for tokenization on the XRP Ledger. Here, all the connected creators work to harmonize experiences from the real world and the virtual world with utility in the real world.
Ever since the XLS-20 hit the Mainnet, XRP Ledger has witnessed a number of projects that can benefit from XRP Ledger’s financial, carbon neutral, instant settlement. Meanwhile, Ripple happens to be investing in functional NFT projects with the help of the Creator Fund and a pledge to contribute $250 million to encourage innovation in tokenization. The Creator Fund happens to offer financial, as well as creative and technical support, to help NFT creators bring their projects to life on the XRPL.
With the help of the Creators Fund, Ripple has formed a team of seven members to take the lead in accelerating the work of tokenization. One of them happens to be the president and CEO of Hot Import Nights, which has plans to use NFTs in the form of tickets to be able to connect to 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 wants to combine the physical and virtual worlds through paintings. The third is Emporio Records, an independent record label whose focus lies in the use 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 mind and is looking for ways and means to help artists get to the digital world of NFTs. There is also another team member, Natacha, who has a desire to forward her NFT offerings to real-world prints. Once again, it happens to be Robert Chew, who needs to breathe life into his comics. Last but not least happens to be TraumAmnesia, who is an NFT and crypto artist looking to bring his digital works to life.