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.
Featured Image via Pixabay