Wednesday, February 21, 2024

Ripple’s Creator Fund is investing $250 million in the future of Phygital NFTs

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This season, Ripple’s Creator Fund unveiled wave 3 investments – and the big winners are phygital NFTs! Accordingly, the giant company has allocated $250 million to continue innovating asset tokens. This news comes as hybrid NFTs are gaining popularity with many IRL brands joining the Web3 world.

Ripple CTO David Schwartz's photo
Ripple’s Creator Fund has invested $250 million to develop and innovate phygital NFTs in 2023.

Why did Ripple’s Creator Fund invest in Phygital NFTs?

Earlier in January, Ripple CTO David Schwartz said that the new wave of Web3 assets would focus on NFTs — and he was right. In fact, the entire executive team of Ripple has predicted that this year we will see more physical NFT projects than ever before.

After all, we’ve seen more token assets launched in recent months than at any time since the 2021 NFT boom. To support the movement, Ripple’s Creator Fund has invested $250 million to support the actual creators and developers of NFTs.

Who supports Ripple for tokenization?

The team at Ripple recently revealed the top seven independent Web3 builders they support. From artists to music companies and developers, they all share the same goal: to connect NFTs and physical assets via the XRP Ledger. Here is the list:

  • Emporio Records: an IRL record company that aims to provide fans with exclusive access to new music and merchandise via NFTs;
  • Robert Chew: a digital comic book artist ready to give out versions of comic books to each of the NFT holders;
  • Mike Sotirakos: Web3 expert helping physical artists join the NFT space via the XRPL ecosystem;
  • Hot Import Nights: A ticketing services company that wants to drop NFT tickets for real life events and merchandise;
  • Traumatic amnesia: NFT Artist aims to provide real-world experiences and works of art to all members of the community;
  • Natasha Einat: As a digital artist with a smart NFT community, Natacha plans to offer Physical Art and Art Masterclasses;
  • Adrian Palastegui: An experienced physical artist who aims to bring his canvas artwork to the NFT market along with signed physical prints.
Twitter screenshot of the Phygital NFT announcement from Ripple's Creator Fund
Phygital NFTs are on the rise and Ripple is ready to support creators and startups in this space. Credit: Twitter

What are Phygital NFTs?

The term “Phygital” is literally a combination of the words “digital” and “physical”. Even though it’s been around since 2007, chances are you’ve only heard about it recently, thanks to NFTs.

In short, phygital NFTs are digital assets that are associated with physical objects, experiences, or anything else that exists in real life. One of the most recent examples is Harry Potter: the iconic series has released limited-edition physical jewelry including an NFC tag that connects each piece to its matching NFT.

Meanwhile, popular Scottish whiskey platform The Whiskey Barrel has launched unique NFTs for single-barrel Scotch whiskeys. In this case, NFTs act as a guarantee for collectors that their whiskey bottles are not fake. Several other brands have already launched their phygital products as well, including Nike, Funko Pop, and Budsies, to name a few.

In conclusion, phygital NFTs are undoubtedly changing the trading world IRL and around the time we speak.

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All investment/financial opinions expressed by NFTevening.com are not recommendations.

This article is an educational material.

As always, do your research before making any type of investment.

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