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Ripple introduces new $250M creator fund for NFT development on XRP Ledger

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Ripple introduces new $250M creator fund for NFT development on XRP Ledger

Ripple, a provider of enterprise blockchain and crypto solutions, today announced a $250 million fund to provide creators with the financial, creative, and technical support needed to explore and craft premium non-fungible tokens (NFTs) and other tokenization projects on the XRP Ledger.

Heightened interest in NFTs globally has introduced new revenue streams and business models while deepening the mainstream’s relationships with the communities, people, and things they care about. However, when it comes to creating state-of-the-art NFTs, many creators face barriers to entry–including the fear their NFTs won’t sell and a lack of understanding on navigating different NFT concepts. Meanwhile, developers are burdened with high transaction fees and clunky user experiences.

While digital art and collectibles have quickly captured public interest and popularity, the utility of NFTs goes far beyond these use cases. By providing creative and technical support to a diverse array of marketplaces, creators, artists, and brands, Ripple’s Creator Fund seeks to enable longtail use cases for tokenization—for example, interactive experiences and fractional ownership.

Ripple is teaming up with innovative NFT marketplaces and creative agencies who recognize the potential of these unique tokenized assets, and as part of the launch, will have first access to the fund.

Ripple’s Creator Fund and its partners aim to accelerate the evolution of NFTs while eliminating the pain points associated with crafting compelling projects.

1. Mintable

Mintable is a next-generation non-fungible token (NFT) marketplace built on the blockchain. Launched in 2018, Mintable has pushed the NFT industry forward by being the first to design gasless minting, batch minting, and royalties, empowering artists and creators to monetize their work via NFTs.

Mintable’s gas-free minting option allows the everyday person to get involved with NFTs without any prior knowledge in coding or upfront cost of minting an asset — a great way for everyone to get into crypto.

In 2021, Mintable announced the backing of a list of high-caliber investors including renowned venture capitalist and television personality, Mark Cuban, Sound Ventures, a venture capital firm founded by Ashton Kutcher, and Guy Oseary, and TIME Ventures, the investment fund for Marc Benioff.

To date, Mintable has sold and auctioned works by Grammy Award-winning artists, 20th-century avant-garde artists, and various high-profile artists and celebrities.

2. VSA Partners

VSA Partners is a hybrid brand strategy and design agency with a 40-year history of solving complex business problems. It delivers design-driven experiences that perform in the market, realizing the future of a brand for some of the world’s most respected and forward-thinking organizations.

3. mintNFT

A premium member-based marketplace for non-fungible tokens (NFT) mintNFT is focused on bridging fan experiences with licensed content, brands, and talent. mintNFT integrates social, gamification, and a new patent-pending authentication process for NFTs.

mintNFT makes collecting NFTs a fun and engaging experience and converts casual fans into collectors, creators, and partners. mintNFT provides an unprecedented social experience for users with unique features such as exclusive digital events, NFT live auctions, and fan-generated campaigns all within a dynamic, interactive, and gamified platform. It also includes an integrated secondary marketplace allowing users to buy, sell, and trade NFTs.

“While NFTs have opened the door for a tokenized future, actually navigating these concepts is a different ball game for many. By starting with marketplaces and creators, our fund seeks to take the guesswork out of NFT projects to unlock unexplored tokenization use cases on the XRP Ledger.”

Monica Long, GM of RippleX at Ripple

Minting NFTs on the XRP Ledger will enrich the experience for creators seeking new ways of monetizing their works. For developers, the XRP Ledger’s innate performance advantages—speed, low cost, and built-in royalties—make it ideally suited to drive NFT utility at scale, and without the need for Layer-2 protocols. Library support is also available to simplify NFT integrations and bypass direct XRPL development.

The XRP Ledger is an open, decentralized blockchain. Its built-in decentralized exchange (DEX) provides fast settlement for tokenized assets–including NFTs—while its Federated Consensus mechanism eliminates gas fees and is 120,000x more efficient than blockchains that rely on proof-of-work.

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Bit Coin

Propy rallies 227% as real estate NFTs become reality and PRO lists at Coinbase

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Propy rallies 227% as real estate NFTs become reality and PRO lists at Coinbase

Nonfungible tokens (NFTs) skyrocketed in popularity over the course of 2021 as the wider public became enthralled with projects like the Bored Ape Yacht Club and CryptoPunks, but these one-of-a-kind digital images are only scratching the surface of what NFT technology is capable of. 

One project focused on expanding the functionality of NFTs beyond the digital art space is Propy, a protocol focused on the integration of blockchain technology with the real estate sector by automating the closing process of home buying to make the entire process faster, simpler and more secure.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.12 on Jan. 12, the price of PRO moved 227% higher to hit a daily high at $3.67 on Jan. 14 as its 24-hour trading volume spiked 452% to $29.3 million.

PRO/USDT 4-hour chart. Source: TradingView

Three reasons for the sudden surge in Propy price include the token being listed on Coinbase exchange, the successful completion of the first sale of a real estate NFT and growing potential of NFTs to be used in different use cases.

The Coinbase bump

The surge in the price of PRO on Jan. 14 was in large part due to the token listed on Coinbase, the largest cryptocurrency exchange in the United States.

— Coinbase (@coinbase) January 13, 2022

Prior to the Coinbase listing, the PRO token was only available on a limited number of exchanges including Huobi Global, Bitrue and the decentralized exchange Uniswap.

Coinbase is the second-largest cryptocurrency exchange by volume globally and the main exchange serving U.S.-based investors who have historically conducted the highest volume of cryptocurrency trading.

The first real estate NFT in the U.S.

A second development that is helping to boost the price and trading volume of PRO is the upcoming sale of the first real estate NFT in the United States.

According to Propy founder and CEO Natalia Karayaneva, the reason Propy chose Florida for its first U.S.-based real estate sales include a crypto-friendly state government, positive future price growth and demographic statistics, a growing job market and the state’s 0% individual income tax policy.

While the upcoming sale in Tampa marks the first real estate NFT sale in the U.S., Propy completed the first-ever NFT sale back in 2017 when TechCrunch founder Michael Arrington sold his Kyiv apartment for 36 Ether.

Related: NFT sales and blockchain games continue to grow despite the recent market slump: Report

Rising popularity of NFTs and blockchain technology

Another reason for the building momentum behind Propy is the overall growth in awareness of NFTs and blockchain technology.

The promise of integrating NFTs with things like house deeds and corporate contracts has been a topic of discussion for years, and last year’s explosion in NFT interest and trading volume raised the level of public awareness to the point where the concept can gain more traction.

On top of the usefulness of NFT technology, the increasingly dire state of the global financial system has investors looking for secure places to store their wealth, for which real estate has long been a preferred safe haven.

Best hedge against all of the chaos in the world:
1. crypto
2. real estate
3. investment in yourself

— Natalia Karayaneva (@NataliePropy) December 29, 2021

Now, the process of buying and holding real estate is about to enter the 21st century with the integration of blockchain technology and NFTs because the influence of middlemen will be reduced, helping to lower the cost of the entire process.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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3 reasons why Harmony (ONE) rallied back to its all-time high this week

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3 reasons why Harmony (ONE) rallied back to its all-time high this week

Bitcoin price is still a ways from its $69,000 all-time high but this isn’t stopping altcoins from moving toward new highs. 

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.13 on Dec. 4, the price of Harmony (ONE) has risen 163% to establish a new all-time high of $0.38 on Jan. 14

ONE/USDT 1-day chart. Source: TradingView

Three reasons for the growing strength of Harmony include an expanding ecosystem, the launch of multiple cross-chain bridges and developers interest in finding Ethereum network alternatives.

ONE benefits from Harmony’s $300 million ecosystem development fund

One of the biggest boosts to the overall health of the Harmony ecosystem began back in September when the project launched a $300 million developer incentive program designed to help fund bug bounties, grants and the creation of 100 decentralized autonomous organizations (DAOs) on Harmony.

Since the launch of the program, 23 DAOs have been funded and launched on the Harmony network with more currently in development.

The incentive program has also helped attract multiple protocols to the Harmony blockchain in some of the most popular sectors of the ecosystem, including DeFi, payment platforms and nonfungible token (NFT) projects.

— Harmony (@harmonyprotocol) January 13, 2022

Cross-chain bridges help raise Harmony’s prospects

Another reason for Harmony ‘s recent strength is the launch of several cross-chain bridges that connect the Harmony network with other Ethereum Virtual Machine compatible networks like Celer and Polygon.

1/ We are excited to announce that @CelerNetwork has extended support to @harmonyprotocol.

ONE users can now use the multi-chain ‘cBridge’ to transfer $USDC and $WETH instantly and at a low-cost.

More ⬇️

— Harmony (@harmonyprotocol) January 12, 2022

On top of the most recent integration with the Celer c-bridge, which enabled the cross-chain transfer of USD Coin (USDC) and Wrapped Ether (wETH), Harmony launched a cross-chain NFT bridge as part of the Horizon bridge back in November of 2021.

Most recently, the project revealed a collaboration with the L1 protocol Cosmos to create a bridge between the two rapidly growing ecosystems in an effort to further expand its interoperability and help scale cross-chain finance.

1/ We are glad to announce that we have approved a grant for @datachain_en to build a bridge between Harmony & @cosmos.

Datachain’s experience in building interoperability solutions using trustless intermediaries is peerless.

ONE step closer towards scaling cross-chain finance pic.twitter.com/27ueWWUkT0

— Harmony (@harmonyprotocol) January 12, 2022

Harmony is also in the final stages of creating a native bridge to the Bitcoin network which is expected to be released before the end of Q1 2022.

Related: ICON commits $200M to interoperability incentive fund

New users and ecosystem growth back record high TVL

Another bullish metric backing Harmony’s growth is its rising TVL, which is now at an all-time high of $1.25 billion according to data from Defi Llama.

Total value locked on Harmony. Source: Defi Llama

Several DeFi protocols are thriving on the Harmony network, including DeFi Kingdoms (JEWEL), which accounts for $747 million of the TVL, Tranquil Finance with $201.85 million and Viperswap with a $54.4 million TVL.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ONE on Jan. 8, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ONE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ONE spiked into the green zone on Jan. 8 and hit a high of 75 around 48 hours before the price proceeded to increase 50% over the next four days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Top 5 cryptocurrencies to watch this week: BTC, NEAR, ATOM, FTM, FTT

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Top 5 cryptocurrencies to watch this week: BTC, NEAR, ATOM, FTM, FTT

Bitcoin (BTC) has stopped its decline and is attempting a recovery along with select altcoins. Some traders have been fearing a massive sell-off in Bitcoin but Capriole CEO Charles Edwards said that Bitcoin’s worst crashes have happened “due to miner capitulation (December 2018 and March 2020), when BTC fell below production costs.” However, the current production cost of Bitcoin was $34,000, which is well below the current price.

In a sign that institutional investors remain bullish on the crypto sector even after the recent fall, Cathie Wood’s Ark Invest bought 6.93 million shares of the special purchase acquisition company that will merge with Circle, the principal operator of USD Coin (USDC) and the second-largest stablecoin in terms of market capitalization.

Crypto market data daily view. Source: Coin360

Another sign that the crypto markets are maturing is the fact that nonfungible tokens (NFTs) have not responded negatively to the fall in crypto prices. A recent report by DappRadar said that NFT trading in the first ten days of 2022 generated $11.90 billion compared to $10.7 billion in Q3 2021.

Could Bitcoin continue its recovery and pull select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies to find out.

BTC/USDT

The bulls are struggling to propel Bitcoin above the 20-day exponential moving average ($44,415) for the past few days but a minor positive is that buyers have not given up much ground. This suggests that bulls are buying on every minor dip.

BTC/USDT daily chart. Source: TradingView

If buyers push and sustain the price above the 20-day EMA, it will signal a possible change in trend. The BTC/USDT pair could then rally to the 50-day simple moving average ($47,987) where the bears may again mount a stiff resistance. A break and close above this resistance could clear the path for a rally to $52,088.

Contrary to this assumption, if the price fails to rise above the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then attempt to sink the price below the critical support at $39,600. If they succeed, the pair could extend its downtrend.

BTC/USDT 4-hour chart. Source: TradingView

The moving averages have flattened out and the relative strength index (RSI) is just above the midpoint on the 4-hour chart. This suggests a range-bound action in the short term. The pair could remain stuck between $39,600 and $45,456.

A break and close above $45,456 could tilt the advantage in favor of the bulls, signaling the start of a possible rally to $52,088. Alternatively, a break and close below $39,600 could indicate the resumption of the downtrend.

NEAR/USDT

NEAR Protocol’s NEAR token is in a strong uptrend. The price broke above the previous all-time high at $17.95 on Jan. 11, signaling the resumption of the up-move. The bears pulled the price back below $17.95 on Jan. 12 but the bulls bought this dip and reclaimed the level on Jan. 13.

NEAR/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If bulls do not allow the price to dip below the breakout level at $17.95, the NEAR/USDT pair could rally to $25.44.

Alternatively, if bears pull the price below $17.95, the pair could drop to the 20-day EMA ($16.42). A bounce off this level could keep the uptrend intact but a break and close below it will suggest that traders are rushing to the exit. The pair could then decline to $13.

NEAR/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price has been taking support at the 20-EMA. The upsloping moving averages and the RSI in the positive territory indicate that the short-term trend favors the buyers.

If bulls propel the price above $20.59, the uptrend could begin. The pair could then rise to $22 and later to $25.

Contrary to this assumption, if the price drops below the 20-EMA, it will indicate that short-term traders may be booking profits. The pair could then drop to the 50-SMA. A break and close below this support will indicate the start of a deeper correction.

ATOM/USDT

Cosmos (ATOM) is attempting to form an inverse head and shoulders pattern, which will complete on a breakout and close above the overhead resistance at $44.80.

ATOM/USDT daily chart. Source: TradingView

The rising moving averages and the RSI in the overbought territory indicate that the path of least resistance is to the upside. A close above $44.80 could open the gates for a rally to the psychological level at $50 and then toward the pattern target at $69.42.

Alternatively, if the price turns down from the overhead resistance, the ATOM/USDT pair could drop to the 20-day EMA ($36). This is a key level for the bulls to defend. If the price rebounds off this level, the bulls will again attempt to drive the pair above the overhead resistance and resume the uptrend.

A break and close below the 20-day EMA will be the first sign that the up-move could be losing steam. The pair could then drop to $32.90.

ATOM/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price has broken out of the symmetrical triangle pattern, indicating that the uncertainty has resolved in favor of the buyers. The bears may attempt to defend the overhead resistance at $44.80 but if they fail, the pair could rally to the pattern target at $51.19.

Alternatively, if the bears successfully defend the resistance at $44.80, the pair could drop to the 20-EMA. If the price rebounds off this support, the bulls will again try to clear the overhead hurdle. This positive view will be negated on a break and close below the 50-SMA.

Related: Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch

FTM/USDT

Fantom (FTM) is in a strong uptrend. The price action of the past few days has formed an inverse (IH&S) which will complete on a break and close above $3.17.

FTM/USDT daily chart. Source: TradingView

The bears may attempt to stall the rally at $3.48 but if bulls push the price above this level, the next leg of the uptrend could begin. The up-move could first reach $4 and later continue its journey toward the pattern target at $5.11.

Contrary to this assumption, if the price turns down from the overhead resistance, the bears will attempt to pull the FTM/USDT pair to the 20-day EMA ($2.62). If the price turns up from this level, it will suggest that the sentiment remains positive and traders are buying the dips.

However, a break and close below this support will signal the start of a deeper correction to the 50-day SMA ($2.07).

FTM/USDT 4-hour chart. Source: TradingView

The bears attempted to stall the up-move at $3.17 but the bulls had other plans. They bought the dip to the 20-EMA and have pushed the price above the overhead barrier. If bulls sustain the price above the breakout level, it will signal the resumption of the uptrend.

On the other hand, if bears pull the price below $3.17, the pair could drop to the 20-EMA. This is an important level to watch out for because a break and close below it could indicate that the current breakout may have been a bull trap. The pair could then drop to $2.80 and later to the 50-SMA.

FTT/USDT

FTX Token (FTT) has been in a strong corrective phase for the past several weeks. The bulls pushed the price above the downtrend line on Jan. 14, signaling a possible change in trend.

FTT/USDT daily chart. Source: TradingView

The moving averages are on the verge of a bullish crossover and the RSI has risen above 64 after forming a positive divergence. This suggests that bulls are attempting a comeback. If the price sustains above the downtrend line, the FTT/USDT pair could rise to $53.50.

Contrary to this assumption, if the price turns down from the current level and breaks below the moving averages, it will suggest that the breakout was a bull trap. That could pull the price down to $33.76. A break and close below this support could open the doors for a possible drop to $24.

FTT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of a falling wedge pattern. The buyers pushed the price above this pattern and have also cleared the horizontal resistance at $45.07.

Both moving averages are sloping up and the RSI is in the overbought zone, indicating that bulls have the upper hand. If bulls maintain the price above $45.07, the pair could start its march toward the psychological resistance at $50.

This positive view will invalidate if the price turns down and re-enters the wedge. Such a move will indicate that demand dries up at higher levels.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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