Ripple Announces Second Wave of NFT Projects on $XRP Ledger Supported by $250 Million Creator Fund

Please fol­low and like us:
Pin Share

Rip­ple, a pop­u­lar fin­tech firm and a major play­er in the $XRP ecosys­tem, has unveiled the sec­ond wave of non-fun­gi­ble token (NFT) projects to receive fund­ing for their work on the $XRP Ledger.

The fund­ing comes from Ripple’s Cre­ator Fund, which aims to sup­port those who want to “cre­ate and mon­e­tize acces­si­ble and inno­v­a­tive non-fun­gi­ble token (NFT) expe­ri­ences on the XRP Ledger (XRPL).”

In an announce­ment, Rip­ple not­ed that Web3 is trans­formin­ing the “enter­tain­ment and media indus­try specif­i­cal­ly in music,” and that the select­ed projects to receive fund­ing will “bring to life use cas­es for tok­eniza­tion in these sec­tors by lever­ag­ing the pow­er of XRP Ledger’s low-cost, instant set­tle­ment, and built in roy­al­ty structures.”

The select­ed projects include 9LEVEL9, a meta­verse expe­ri­ence pro­vid­ing users with a “front-row seat” to live and vir­tu­al con­certs, con­fer­ences, award shows, and more through NFT tick­ets, and Ani­fie, an NFT marketplace.

They also include Cap­i­tal Block, which is a Web3 plat­form for sports clubs around the world that has been part­ner­ing with foot­ball clubs in Europe to launch NFT mem­ber­ships for fans. There’s also SYFT Projects, an “intel­lec­tu­al prop­er­ty pro­duc­tion com­pa­ny that pro­vides pro­duc­tion, pub­lish­ing, and man­age­ment ser­vices to artists,” among many others.




Markus Infanger, Rip­pleX VP of Growth at Rip­ple, was quot­ed saying:

  • We’ve seen real util­i­ty in NFTs with the art com­mu­ni­ty, and it is no sur­prise we are see­ing tremen­dous growth from the enter­tain­ment and media indus­try as a way to cul­ti­vate rela­tion­ships direct­ly with their audi­ences, and offer new con­tent dis­tri­b­u­tion channels

As Cryp­toGlobe report­ed, a pan­el of cryp­tocur­ren­cy experts has pre­dict­ed that the price of $XRP, the native token of the XRP Ledger, could surge to $3.81 by the end of 2025 if Rip­ple wins its legal bat­tle against the U.S. Secu­ri­ties and Exchange Com­mis­sion (SEC). The experts, how­ev­er, pre­dict­ed the cryp­tocur­ren­cy would trade at just $0.98 if Rip­ple loses.

The price of XRP surged ear­li­er this month after both Rip­ple and the SEC request­ed a sum­ma­ry judg­ment. The SEC sued Rip­ple and two of its exec­u­tives in 2020, alleg­ing they sold unreg­is­tered secu­ri­ties when they issued $1.3 bil­lion worth of XRP tokens. Rip­ple denies XRP is a security.

Rip­ple set­tling the law­suit could lead to an XRP sup­ply shock, which pre­sum­ably would lead to a price surge as demand would remain the same, while sup­ply plunged. That’s accord­ing to legal expert and XRP sup­port­er Jere­my Hogan, who has been fol­low­ing the case.

The cryp­tocur­ren­cy com­mu­ni­ty is notably expect­ing XRP to drop by the end of this year to trade at around $0.40. The fig­ure marks a sharp decline from XRP’s cur­rent lev­els and notably sug­gests that while the token has been ral­ly­ing, the com­mu­ni­ty sees it as a short-lived ral­ly that will end up being undone through a sell-off.

Image Credit

Fea­tured Image via Pix­abay

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *