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Ripple Onboards The Next Generation Of NFT Creators To Leverage Its XRP Ledger 

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Ripple Onboards The Next Generation Of NFT Creators To Leverage Its XRP Ledger 
  • Ripple has announced a second wave of creators that have joined its newly launched Ripple Creators Fund.
  • The fund was initially launched to deliver financial and technical assistance to budding NFT creator platforms.

Blockchain giant Ripple is onboarding its second wave of creators to join its recently launched Ripple Creator Fund. According to the official press release statement, Ripple’s creator fund is set to sponsor a new list of partners to bolster the development of NFTs on XRPL.

Ripple Creators Fund Is Sponsoring the Second Wave Of New Entertainment Creators.

According to a newly released press statement, Ripple is all set to sponsor its second wave of creators. The newly onboarded partners list “is focused on entertainment NFT projects and aims to unlock new tokenization use cases on the XRP Ledger (XRPL).”

JUST IN: #Ripple signs second wave of creators, bringing entertainment and media NFT projects to the XRP Ledger.

— Watcher.Guru (@WatcherGuru) October 18, 2022

With web3 and the entertainment industry paving the way for the world to experiment and explore, Ripple is all set to sponsor fresh talent through its creator’s fund, which will help the firm to unlock the potential of XRPL. The fund aims to sponsor new-age entertainment creators that can help the firm build “functional use cases for gaming, music, media, and the metaverse on the XRPL.”

“From a streaming music show in Japan to a marketplace for sports clubs to a daily podcast covering crypto news, these projects all leverage the XRPL’s inherent speed, cost, and sustainability advantages as well as its coming NFT capabilities like built-in royalty structures and co-ownership.” The press release statement later adds

The fund was initially unveiled in April 2022, with the intention of promoting NFT project developments on the XRP Ledger. With the rollout of the fund’s second phase, several new platforms will be joining the Ripple creators fund bandwagon to leverage XRPL’s cost-effective blockchain mechanism to build credible new projects.

Meet the next wave of creators utilizing the #XRPLedger to kickstart their NFT projects 👋

This wave sought projects focused on entertainment 🎵, made possible by NFT marketplace and infra partners to ensure a seamless user experience for creators: https://t.co/zYDsGaFJxd

— Ripple (@Ripple) October 18, 2022

The fund plays a crucial role in providing the necessary financial, creative, and technical support to all budding NFT platforms and later helps them in building utilitarian NFT projects. The fund is described as a sort of assistance to NFT creators that can help “creators bring their projects to life on the XRPL, stretch the bounds of what’s possible, and explore new use cases for NFTs.”

“Ripple’s Creator Fund is a $250 million commitment to fostering innovation in tokenization, facilitating the creation of functional NFTs on the XRPL in arenas like real estate, media, carbon credits, and more.” The press statement later adds

Metaverse platform 9Level9 will be joining the fund’s second wave as an artist alongside Aniefie, Capital Block, Cross Metaverse Avatars, NFT Masters, SYFR Projects, and Thinking Crypto.

Despite being embroiled in a heated debate with the US SEC, Ripple is consistently bolstering efforts to experiment with its XRP Ledger and enhance its tokenomics to help establish credible market momentum.

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report
  • A report by Forbes reveals that Sam Bankman-Fried knew about Alameda Research’s financial dealings.
  • SBF previously denied being “deeply aware” of Alameda’s finances. 
  • The former FTX chief regularly shared documents related to Alameda with Forbes over the past 2 years. 
  • The report indicates that SBF was well aware of Alameda’s business activities. 

An exclusive report published by Forbes has shed light on information that is in contradiction with recent claims made by Sam Bankman-Fried, the man behind the bankrupt crypto exchange FTX. 

Sam Bankman-Fried was aware of Alameda’s finances

In an interview at the DealBook Summit, SBF claimed that he was surprised by how big Alameda’s position was, referring to the risky trades made by his quantitative trading firm. The disgraced CEO tried to avoid accountability for Alameda’s actions by claiming that he was not involved in its day-to-day operations. “Alameda’s finances I was not deeply aware of. I was only surface-level aware of Alameda’s finances” he claimed. 

However, the report by Forbes provides an insight into the discussions they had with SBF in order to calculate his net worth for their annual World’s Billionaires list. During these discussions, Bankman-Fried shared several details that indicated that he was in fact well aware of Alameda Research’s finances. 

In order to prove his net worth, SBF detailed some of Alameda’s major holdings and several transactions involving Solana and Serum tokens as well as the notorious FTT. Some of these details were shared as recently as August 2022. The level of information found in the documents shared by Sam Bankman-Fried suggested that he knew more about Alameda than he revealed during his controversial interview. The former FTX CEO included details about his quant trading firm’s funds along with its token holdings, which at the time included 53 million SOL, 176 million FTT, and more than 3 billion SRM. According to this, the value of his share of Alameda’s funds under management was $8.6 billion. 

FTX's Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report 11

While it is still unclear as to how involved Sam Bankman-Fried was in the day-to-day operations at Alameda Research, the detailed description of the trading firm’s finances shared by him suggests that he knew more than he let on. 

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

Summary:

  • Galaxy Digital won a bid to buy one of Celsius’s assets as part of bankruptcy proceedings for the crypto lender.
  • Mike Novogratz’s company will buy GK8, a custodial business that Celsius acquired over a year ago in November 2021.
  • The custodian plans to launch crypto trading and lending for institutional investors.

Galaxy Digital submitted a successful bid for GK8, a crypto custodial service listed as an asset by Celsius during the lender’s bankruptcy proceedings. Both entity did not disclose the acquisition sum at press time. 

GK8 was acquired by Celsius in November 2021 when the bull run was near its peak. Months after, the lender was crippled by slumped crypto prices and Terra exposure. Celsius paused withdrawals shortly after LUNA and UST imploded in May, before declaring bankruptcy in July,

CEO Mike Novogratz said in a statement that adding GK8 to Galaxy Digital’s businesses offers a key ingredient for growth. Novogratz also addressed concerns regarding possible conflict of interest from the deal, ensuring that “clients will have the option to store their digital assets at or separate from Galaxy”.

Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.

Galaxy will also expand its workforce by some 40 employees as part of the deal. The firm hopes to onboard blockchain developers and cryptographers to name a few.

Galaxy Digital scoops Celsius asset after $76.8 million FTX exposure 

The digital asset firm reported losses in Q3 earnings after weathering contagion from Terra’s $40 billion crash. Galaxy’s earning report also revealed exposure to the bankrupt crypto exchange FTX. 

EWN reported that Novogratz’s firm tried to withdraw $47.5 million of the total sum from FTX before Sam Bankman-Fried’s exchange froze withdrawals.  The company

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Coinbase Calls Out Apple For Blocking NFT Transactions On iOS

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Coinbase Calls Out Apple For Blocking NFT Transactions On iOS
  • Coinbase has revealed that its latest app update was blocked by Apple.
  • Users of Coinbase Wallet iOS can no longer send NFTs.
  • Apple reportedly wants 30% of the gas fees levied on NFT transactions.
  • The exchange has warned that this will have a major impact on iPhone users that interact with NFTs.

Coinbase, the largest crypto exchange in the United States, has called out tech giant Apple Inc. for its monopolistic policies on commissions on NFT transactions. In a lengthy Twitter thread earlier today, Coinbase Wallet revealed that Apple had blocked its latest app release. The reason for this restriction is the gas fees associated with NFTs. Apple has reportedly claimed that the gas fees required to send NFTs need to be paid through their In-App Purchase system so that they can collect 30% on the fees. 

Coinbase: 30% commission not possible

The crypto wallet provider has clarified that the demands made by Apple are not possible to meet. The company has further alleged that Apple’s new policies are aimed at protecting their profits at the expense of consumer investment in NFTs. Additionally, this move also creates a hindrance in developer innovation across the crypto ecosystem. 

For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried.”

According to Coinbase, iPhone users that own NFTs stand to lose the most from Apple’s policy change. The policy will make it difficult for users to transfer NFTs. Coinbase has indicated that it is willing to work with the tech giant to find a solution. 

We hope this is an oversight on Apple’s behalf and an inflection point for further conversations with the ecosystem. @apple – we’re here and want to help

— Coinbase Wallet (@CoinbaseWallet) December 1, 2022

Apple’s de-facto ban on NFT trading

Apple has ignored repeated calls to exempt NFTs from its notorious 30% cut, which has been dubbed the “Apple Tax”. On 24 October 2022, the firm updated its App Store policy, which included guidelines for NFTs as well. This was the official nod from Apple for iOS apps offering in-app NFT buying and selling as well as minting, as long as the “Apple Tax” is paid.  

Per a report by The Information, Apple’s app store policies have had a direct impact on NFT startups. Due to these policies, NFT marketplaces don’t even consider selling through mobile apps, leaving a large portion of potential buyers untapped. According to Magic Eden’s co-founder and Chief Technology Officer Sidney Zhang, Apple’s commissions are the reason why her NFT startup has never offered buy and sell functions on its app. 

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