Ripple Labs is launching a fund for creators, marketplaces and brands to explore new utilize cases for nonfungible tokens, or NFTs, on its ledger.

In a Wednesday announcement, Ripple said the $250 million fund would exist focused on accelerating adoption in the crypto space by working with nonfungible tokens, or NFTs. The platform said it wanted to address concerns with the minting of the tokenized artwork, including "clunky" user experiences, high transaction fees and the possible furnishings on the environment.

"Nosotros believe NFTs embody the promise of tokenization and represent a tipping point for its embrace by the mainstream," said Ripple. "Through the Creator Fund and the XRPL, we're excited to unleash new utility for NFTs and advance the broader shift to tokenization."

According to Ripple, NFT marketplaces, including MintNFT and Mintable and creative agencies, would exist among the get-go to take admission to the fund. Whatever proposed NFT use example would be built on the XRP Ledger, giving creators an opportunity to monetize their piece of work. Ripple CTO David Schwartz has previously cited the ledger's low cost, high speed and payments features to "streamline NFT cosmos at scale."

Related: The ongoing NFT boom: Tin can supply of nonfungibles outweigh demand?

In July, Mintable announced it was planning to integrate the XRP Ledger as information technology was "ideally suited to deliver a seamless experience for NFTs" — the platform has minted more than 700,000 items since 2022. Both Ripple and the NFT marketplace have made public statements on the environmental concerns in the crypto space. While Ripple has pledged to become carbon net-nothing past 2030, the visitor has also said that its XRP ledger is already carbon neutral.