Ripple Partners Ethernal Labs to Realize its Non-Fungible Token Plan
Ripple, a blockchain-focused digital payment related services provider, has partnered with web3 design and innovation firm Ethernal Labs to draw the market for non-fungible assets to XRP Ledger. The digital payments system revealed its relationship with Ethernal Lab in a medium post published on November 9. The new agreement will enable Ripple to strengthen its Web3 environment by distributing NFTs and cryptos via the XRP Ledger to the people.
Ethernal Labs is an interdisciplinary innovative incubator that utilizes web3 technology to create digital goods. Ethernal Lab is the company backing the NFT network The Ethernity Chain and the eagerly awaited P2E game Exorian Universe.
Ripple and Ethernal Labs expect that their new relationship will accelerate the creative economy and inspire fresh business ideass on the XRP Ledger (XRPL). Ethernal Labs will offer the XRP Ledger community with industry-leading assistance for all matters pertaining to NFTs.
It will not be the initial time that Ethernal Labs and Ripple collaborate. Along with Algorand and Polygon, Ripple invested in Ethernal Labs’ $20 million seed round to enable prominent celebrities and mainstream brands penetrate the NFT market.
The goal of the NFT project was to enable famous people to bring the advantages of the open-source XRPL to the videogames and metaverse areas. Ethernal Labs’ founding investor and chief commercial officer, Adrian Baschuk, commented on the current collaboration: “We are ecstatic to be a collaborator of Ripple’s Creator Fund. This agreement will enable us to strengthen the Web3 environment by introducing NFTs and digital products to the people via the XRP Ledger and bespoke collaborations.”
Ripple will use the powers of Ethernal Labs to provide NFTs from highly renowned businesses and personalities, such as Lionel Messi, Shaquille O’Neal, Bruce Lee, DeLorean Motor Company, and Toys R Us, among many others. Ethernal Labs will bring its extensive catalog of intellectual property to the XRP Ledger ecosystem by developing unique white-label platforms where customers may acquire limited collectibles issued as NFTs (non-fungible tokens) on the XRP Ledger.