Ripple announces NFT incubation program

cryptoslatePublished on 2022-03-16Last updated on 2022-03-21

Abstract

The U.S. Securities and Exchange Commission (SEC) claimed that XRP was unregistered security and filed a lawsuit against Ripple and both its executives on December 220, 2020.

The U.S. Securities and Exchange Commission (SEC) claimed that XRP was unregistered security and filed a lawsuit against Ripple and both its executives on December 220, 2020. The case has been going on ever since, while the community held its breath watching its progress.

A critical decision was made on the case last week. While it did not finalize the dispute, it practically marked Ripple’s triumph. Around the same time, Ripple announced that they are launching the first wave of their NFT Creator Fund.

What is the NFT Creator Fund?

NFT Creator Fund is a program where Ripple provides creators with necessary tools, financial support and access to potential partnerships to help them kick-start their NFT projects. The program will include creators to develop their NFT lines and NFT marketplaces who seek new talent.

Ripple team announces that XRP Ledger has a built-in easy to use native token functionality called XLS-20d. During the first wave of the NFT Creator Fund, participants will be using NFT-Devnet, which is a beta environment that enhances XRP Ledger’s NFT support.

According to Ripple Teams’ announcement, NFT-Devnet is designed to allow anyone to quickly and efficiently create their NFT projects regardless of their experience level. Promoting XRP Ledger’s speed, affordability, simplicity and it’s carbon-neutral operation, Ripple signals that their NFT incubation program is designed to be a long haul.

For the first wave, the total budget of the Creator Fund was set as $250 million. Since the launch of the program, it received nearly 4,000 applicants offering a rich selection of use cases. Some of the creators include xPunks, Steven Sebring and Justin Bua while Mintable, mint NFT, NFT Pro and Ethernal Labs joined as marketplaces. The team’s blog post states:

“Since the Creator Fund launch, we have received nearly 4,000 applicants that submitted projects focused on NFT use cases across gaming/metaverses, music/entertainment, art/collectables and beyond.”

Why is Ripple doing this?

The Ripple Creator Fund is currently the only creator centred program in the market. The team’s announcement post also includes a statement explaining Ripple’s view on the future of NFTs as being more than just art. The blog post states:

“While early NFT use cases have primarily been centred around avatars, art and collectables, more utility-based applications are beginning to emerge. As the technology and its use cases continue to mature, it’s these real-world applications that will continue to enrich NFT experiences and afford usefulness for the community.”

It further elaborates:

“The core utility-based use cases we believe will have the most immediate impact include Media & Entertainment, Carbon Credits, and Real Estate, and we will take a deeper dive into each from both a technical and practical application perspective in future posts. “

Supporting this statement from the blog post announcement, Monica Long, the general manager of the app development of Ripple also commented on the growing pace of the NFT market and said:

“NFTs have very quickly proven to have real utility within crypto — from digital experiences and rewards to artist royalties, co-ownership of real-world assets, and more.”

These statements show Ripple’s belief in the future of NFTs. Also, they indicate that their efforts to assist creators aim at building Ripple’s own innovative NFT use cases community. Overall, it seems like the Ripple team is confident that the lawsuit with the SEC is not going to result at their disadvantage.

Related Reads

Has An Alt Season Begun? Here’s What The Altcoin Season Index Says

The recent rally in some altcoins and Ethereum's recovery have sparked speculation about the start of an altcoin season. However, data from the Altcoin Season Index suggests otherwise. Currently scoring only 36 out of 100, the index indicates the market is not in an alt season, which typically requires a score above 75. This score reflects that less than 75% of the top 100 altcoins have outperformed Bitcoin over the past 90 days. Furthermore, Bitcoin's market dominance has risen to around 59.88%, contradicting the decline expected during an alt season. The analysis concludes that current altcoin gains are likely isolated rallies, not a broad market shift. For a true alt season to begin, Ethereum would need to consistently outperform Bitcoin, and altcoin dominance would have to rise significantly.

bitcoinist30m ago

Has An Alt Season Begun? Here’s What The Altcoin Season Index Says

bitcoinist30m ago

BTC Market Pulse: Week 19

Bitcoin market analysis for Week 19 indicates a phase of consolidation and weakening near-term momentum. Overhead supply is capping price gains, evidenced by declines in price momentum, net buying pressure, and trading activity. Futures markets show increased speculative interest but also strong sell-side pressure. Options data reflects a cautious outlook with heightened perceived risk. Traditional finance signals are mixed: U.S. Spot ETFs saw significant net outflows and lower volume, suggesting softer institutional demand and potential profit-taking. However, on-chain activity shows a rise in daily active addresses, indicating steady user engagement. Overall, liquidity and positioning metrics point to a relatively stable market structure with easing bearish pressure, balancing weaker institutional flows with gradually improving sentiment.

insights.glassnode1h ago

BTC Market Pulse: Week 19

insights.glassnode1h ago

BTC Market Pulse: Week 22

Bitcoin experienced a week of consolidation and moderated activity. The price fell from around $79K to $74K before recovering to $77K, with overall momentum declining, reflecting softer price action. However, some metrics signaled a balancing sentiment: spot and perpetual Cumulative Volume Deltas increased, suggesting selling pressure may be easing. Trading activity cooled, with spot volume and futures open interest declining, pointing to reduced speculative appetite. Contrasting signals emerged in sentiment. Long-side funding payments surged significantly, indicating strong demand for bullish exposure. In options markets, there was slightly greater demand for downside protection. US spot ETF netflows improved, hinting at stabilizing capital flows, though trade volume fell. On-chain network activity showed minor reductions, hinting at a consolidation phase. Liquidity metrics suggested a more stable market with higher conviction among holders. However, profitability metrics flagged potential stress, with an increase in loss realization compared to profit-taking, indicating a cautious and potentially bearish undercurrent. In summary, the market displayed mixed signals: reduced volatility and speculative activity alongside a complex blend of stabilizing flows, cautious sentiment, and emerging but selective risk appetite.

insights.glassnode1h ago

BTC Market Pulse: Week 22

insights.glassnode1h ago

BTC Market Pulse: Week 20

Bitcoin climbed from the high-$77Ks to low-$82Ks last week, with buyers absorbing pullbacks despite cooling momentum near highs. Spot metrics show strong bullish conviction and higher volume, though moderated price momentum hints at potential stabilization. Futures activity indicates increased speculative risk appetite but a decline in long-side funding suggests waning bullish sentiment. Options data points to neutral-to-bullish expectations but with high priced-in risk, signaling uncertainty. On-chain fundamentals strengthened, with rises in active addresses, transfer volume, and fees, reflecting greater network engagement and user activity. Liquidity stabilized with reduced immediate sell pressure and modest net capital inflows. Profitability improved, though the supply in profit remains below heavy profit-taking levels, indicating measured optimism. Overall, Bitcoin's market structure is improving with stronger on-chain activity, healthier profitability, and stable holder positioning. While bullish undertones are building, softer capital inflows and cautious sentiment suggest the market remains sensitive to shifts in risk appetite.

insights.glassnode1h ago

BTC Market Pulse: Week 20

insights.glassnode1h ago

Whale.io Launches Whale Printer: $WHALE Token Staking

Whale.io has launched "Whale Printer," a new on-platform staking system for its native $WHALE token. The feature allows eligible holders to lock their tokens for fixed periods to earn predetermined rewards. Three lock-up options are available: 90 days with a 1.2x multiplier (107.8% APY), 180 days with a 1.5x multiplier (129% APY), and 365 days with a 3x multiplier (200% APY). Multipliers and rewards are fixed at the start of the staking period. Rewards are distributed from a dedicated, non-replenishing pool of 20 billion $WHALE (20% of total supply). Once this pool is exhausted, the Whale Printer will close permanently, incentivizing early participation. Users can stake tokens directly from their Whale.io account balance, with support for up to 10 concurrent staking positions per account. Early withdrawal is not permitted. $WHALE is the utility token for the Whale.io crypto casino and sportsbook ecosystem, distributed through gameplay and user activity rather than private sales. The staking mechanism adds new functionality and a reward structure for token holders. Whale Printer is now accessible via whale.io/token.

TheNewsCrypto1h ago

Whale.io Launches Whale Printer: $WHALE Token Staking

TheNewsCrypto1h ago

Trading

Spot
Futures

Hot Articles

What is XRP 2.0

XRP 2.0: A New Frontier in the Cryptocurrency Landscape Introduction to XRP 2.0 In the ever-evolving realm of cryptocurrency, new projects continuously emerge, vying for attention and adoption. One such promising initiative is XRP 2.0, a novel cryptocurrency project designed to leverage advanced blockchain technology and robust encryption methodologies. While the name draws parallels with Ripple’s XRP, it’s crucial to note that XRP 2.0 operates independently, focusing on enhancing transaction security, privacy, and scalability. As the digital financial landscape increasingly embraces decentralized solutions, XRP 2.0 aims to contribute meaningfully to web3 and the overall expansion of crypto projects. What is XRP 2.0? At its core, XRP 2.0 is a cryptocurrency project that aims to create a secure and decentralized digital currency ecosystem. Its foundational technology integrates sophisticated blockchain principles with cutting-edge encryption techniques. The overarching goal of XRP 2.0 is to establish itself as a reliable and efficient platform enabling swift transaction execution while prioritizing enhanced privacy protections for its users. The project is promoted as a solution to many limitations faced by existing cryptocurrencies, proposing a system that can handle a higher volume of transactions with improved speed and privacy. This versatility positions XRP 2.0 as a significant contender in a marketplace riddled with various digital currencies. Who is the Creator of XRP 2.0? The identity of the creator behind XRP 2.0 has been flagged as ‘Wilbur.’ However, comprehensive details regarding Wilbur or their associated entity remain elusive. The anonymity of many cryptocurrency creators is not an uncommon phenomenon in the industry, often designed to maintain a degree of privacy and security. Who are the Investors of XRP 2.0? As of now, specific information related to the investment foundations or organizations supporting XRP 2.0 is not publicly available. In the cryptocurrency sector, the backing by reputed investors can significantly influence a project's credibility and success, yet the transparency regarding the financial supporters of XRP 2.0 has not been established. How Does XRP 2.0 Work? XRP 2.0 stands out by employing a combination of blockchain technology and advanced encryption algorithms that ensures secure and decentralized transactions. Its innovative structure includes unique features designed to foster user engagement and broaden functionalities beyond conventional cryptocurrency transactions. Among these features, XRP 2.0 incorporates AI-powered capabilities, such as text-to-image and text-to-speech functionalities. These additions are designed to enhance the interactive experience for users, promoting broader applicability across various sectors. By bridging technological advancements with user-centered design, XRP 2.0 aims to capture the attention of a diverse range of individuals and enterprises looking to integrate cryptocurrency solutions into their operational frameworks. Timeline of XRP 2.0 Understanding XRP 2.0 requires examining the milestones that have defined its journey thus far: July 23, 2023: XRP 2.0 is introduced as a novel cryptocurrency project, aiming to revolutionize secure and decentralized transaction capabilities in the blockchain domain. September 8, 2023: The launching of another project, XRP20, occurs, marking the emergence of an ERC-20 token on the Ethereum blockchain that remains unrelated to XRP 2.0. November 13, 2023: The XRP Ledger undergoes a significant update with the release of rippled server software version 2.0.0. It is essential to note that this development is disconnected from the XRP 2.0 cryptocurrency project. Key Points About XRP 2.0 To distill the essence of XRP 2.0, several critical factors emerge: Unique Features: The inclusion of features like AI-powered text-to-image and text-to-speech further diversifies the potential applications of XRP 2.0. Blockchain Technology: The framework utilizes advanced blockchain mechanisms and encryption protocols, ensuring a secure and decentralized environment for transactions. Scalability and Privacy: XRP 2.0 prioritizes enhanced privacy protections in transaction processes and the scalability necessary to accommodate a growing user base. No Affiliation with Ripple: Importantly, despite its name, XRP 2.0 does not have any allegiance or collaboration with Ripple’s XRP, distinguishing its operational framework and objectives within the cryptocurrency ecosystem. Conclusion XRP 2.0 represents an ambitious venture into the cryptocurrency sphere, aiming to offer a combination of security, privacy, and efficiency in digital transactions. By integrating sophisticated technologies and user-friendly features, the project sets out to broaden the horizons of what cryptocurrency can achieve in today's digital economy. While the anonymity of its creator and lack of disclosed investors might raise questions for some, XRP 2.0's focus on advanced functionalities and decentralisation enhances its appeal amidst an increasingly crowded crypto market. As the cryptocurrency landscape continues to evolve, XRP 2.0 may yet emerge as a pivotal player in the expansion of secure and scalable blockchain solutions.

942 Total ViewsPublished 2024.04.01Updated 2024.12.03

What is XRP 2.0

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of XRP (XRP) are presented below.

活动图片

Top Questions