Crypto investment platform Sologenic has announced it’s going to be developing a new non-fungible token (NFT) marketplace on the XRP Ledger that’s set to benefit users because of its low transaction fees. Ahead of the launch, it’s airdropping $250 million in tokens to XRP holders.
According to a press release, the Sologenic Development Foundation is set to unlock 200,000,000 SOLO tokens and airdropped them to XRP and SOLO holders globally in “order to engage the community to participate in the ecosystem and proposed governance utilities.”
The announcement details that the airdrop is sourced from tokens currently locked in the SOLO Community Fund (SCF) and SOLO Expansion Fund (SEF), which were designed to “build and expand the SOLO community when the ecosystem was launched in early 2020.”
At press time, one SOLO token is trading for over $1.7, meaning that in total over $340 million worth of tokens will be airdropped to XRP and SOLO holders. The airdrop’s snapshot is set to be taken on December 24 at 20:00 UTC.
To be eligible, wallets have to create a Trustline with the Sologenic oracle. Users can either create a Trustline directly from their own wallets, or hold their XRP in centralized trading platforms that support the airdrop.
The platform’s new NFT marketplace will be launched on the Sologenic DEX, an “advanced decentralized trading platform” that lets users trade various cryptoassets, including upcoming tokenized assets such as stocks and ETFs, while controlling their own private keys.
Users will be able to mint and list their own NFTs by burning SOLO tokens. Featuring NFT collections will also be possible using SOLO as a payment method. Tokens used on the platform are burned.
Transaction fees on the XRP Ledger are extremely low. As CryptoGlobe reported, a cryptocurrency whale has moved a whopping $12 billion worth of XRP in a transaction that cost next to nothing to process thanks to the network’s low fees.
According to data from the XRP Ledger, a total of $12.3 billion worth of XRP were moved in the transaction that cost 0.000012 XRP, or $$0.0000157 to process.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Pixabay
