Ripple Unveils NFT Projects on $XRP Ledger Backed by $250mln Creator Fund
Ripple, a well-known fintech company and important stakeholder in the $XRP environment, has announced the second round of non-fungible token (NFT) ventures that will get financing for their efforts on the $XRP Ledger. The financing is provided by Ripple’s Creator Fund, which seeks to assist people who seek to “develop and commercialize accessible and creative non-fungible token (NFT) activities on the XRP Ledger (XRPL).”
In an official release, Ripple stated that Web3 is transforming the “entertainment and media sector, particularly in music,” and that the funded ventures will “bring real world use cases for tokenization in these industries to life by capitalizing the power of XRP Ledger’s cost effective, real-time settlement, and built-in royalty frameworks.”
The chosen initiatives include 9LEVEL9, a metaverse platform that offers users “front-row seats” to real and online concerts, seminars, award ceremonies, and other events using NFT passes, and Anifie, an NFT (non-fungible token) marketplace. They even include Capital Block, a Web3 portal for international sports teams that has partnered with European football teams to create NFT subscriptions for supporters. In addition to several others, there is SYFT Projects, a “intellectual property development business that offers production, publishing, and advisory services to artists.”
RippleX Vice President of Growth Markus Infanger was reported as saying, “We’ve noticed real utility in NFTs (non-fungible tokens) with the art community, and it shouldn’t be surprise that we’re experiencing substantial growth from the entertainment and media sector as a way to nurture direct connections with their audiences and provide fresh content distribution networks.”
According to CryptoGlobe, a team of cryptocurrency professionals has estimated that the value of $XRP, the native crypto token of the XRP Ledger, may increase to $3.81 in the next three years if Ripple prevails in its legal fight with the U.S. Securities and Exchange Commission (SEC). The analysts projected, nevertheless, that if Ripple fails, the cryptocurrency will trade for only $0.98.
Earlier in October, the value of XRP jumped after both Ripple and the SEC sought a preliminary injunction. In 2020, the SEC filed a lawsuit against Ripple and two of its officials, claiming that they marketed unregistered securities by issuing $1.3 billion worth of XRP coins. Ripple disputes that XRP is an asset.
Ripple’s settlement of the litigation might result in a shift in the supply curve for XRP, which would likely lead to a price hike since demand would stay constant while supply plummets. As per XRP enthusiast and legal expert Jeremy Hogan, who has been monitoring the issue, this is the case.
The cryptocurrency community expects XRP to fall to about $0.40 before the end of the 2022. The statistic represents a steep decrease from XRP’s existing levels and implies that although the coin has been rising, the community anticipates that it will be reversed by a sell-off.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.