Ripple’s plans to host NFT market on XRP ledger revealed as the SEC case takes a new twist

  • Ripple has unveiled a $250 million Creators Fund to support new-age NFT projects technologically and financially.
  • Ripple continues to make progress in its case against the SEC with the Judge denying SEC’s motion for preventing Ripple from pursuing fair motion defense.

San Francisco-based blockchain startup Ripple has some big plans for the NFT market. Last week, Ripple unveiled its $250 million creators fund to strengthen non-fungible token (NFT) projects on its ledger.

The RippleX Team, already working on the XRP Ledger, will soon propose a new NFT standard for its NFT-Devnet. Ripple said that it plans to work with developers by offering them the necessary tools and financial support to kickstart their NFT projects.

Ripple believes that it’s XRP Ledger is quite suitable to build NFT projects. The low-cost transactions, sustainability, and simplicity make XRPL ideal for NFT projects. The official Ripple blog post notes:

The XRP Ledger has ease of use and native token functionality built in by design. Released in January, NFT-Devnet—a beta environment built to enhance NFT support on the XRPL—lowers the technical barriers to entry for those looking to get started creating NFTs or who want to join the Web3 movement and experiment with tokenization use cases.

Using Ripple’s NFT-Devnet, users can get started with creating their upcoming NFT project irrespective of their experience level. It’s entirely customizable and supports scalability with small and big projects.

Ripple said that since the launch of its Creators Fund, it has received 4000 applications of projects focused on NFT use cases. Also, some of the popular Creators Fund recipients are Steven Sebrink, xPunks, and Justin Bua.

Court has denied striking out SEC’s charges

The Ripple vs SEC battle is making new progress every passing day. Last week, the judge rejected SEC’s motion to prevent Ripple from pursuing a fair motion defense. The excerpts from the court documents read:

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For the foregoing reasons, the Individual Defendants motions are DENIED. The Clerk of Court is directed to terminate the motions at ECF Nos. 105 and 110

Following the court’s denial, the SEC needs to prove at its end that individual defendants joined ripple and contributed to its ICO success on a profit-sharing basis. It also needs to prove that Ripple founders Chris Larsen ad Brad Garlinghouse we aware of the illegalities and choose to proceed ahead with the ICO.

Besides, Judge Analisa Torres also dismissed the argument that during the ICO, foreign investors outside the U.S. participated in XRP purchases. She wrote:

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The Court finds that the Individual Defendants’ offers were not foreign. These offers and sales were made by U.S. residents, involved alleged securities issued by a U.S. company, and included at least some offers and sales made to U.S. purchasers.

As we see, Ripple continues to gain an edge over the SEC in this case. Analysts expect to reach a fair conclusion by the first half of 2021.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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