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Sologenic Announces $300 Million Airdrop to $XRP Users Ahead of NFT Marketplace Launch

Sologenic Announces $300 Million Airdrop to $XRP Users Ahead of NFT Marketplace Launch
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Crypto investment platform Sologenic has announced that it will develop a new non-fungible token (NFT) market on the XRP Ledger that is set to benefit users due to lower transaction fees. Before the launch, it drops $250 million in tokens to XRP holders.

According to a press release, the Sologenic Development Foundation is set to release 200,000,000 SOLO tokens and deliver them by air to XRP and SOLO holders globally “in order to engage the community to participate in the proposed ecosystem and governance facilities.”

The announcement details that the airdrop source is from tokens currently held in the SOLO Community Fund (SCF) and SOLO Expansion Fund (SEF), which are designed to “build and expand the SOLO community when the ecosystem was launched in early 2020.”

At press time, one SOLO token is trading at over $1.7, which means that over $340 million in tokens will be dropped to XRP and SOLO holders. The airdrop is set for December 24 at 20:00 UTC.

To be eligible, a governor must establish a Trustline with a Sologenic oracle. Users can either create a Trustline directly from their own wallets, or hold their XRP in centralized exchanges that support airdrops.

The platform’s new NFT marketplace will launch on Sologenic DEX, an “advanced decentralized trading platform” that allows users to trade various crypto assets, including upcoming tokens like stocks and ETFs, while controlling their own private keys.

Users will be able to mint and list their own NFTs by copying individual tokens. It will also be possible to view NFT groups using SOLO as a payment method. The tokens used are burned on the platform.

Transaction fees on the XRP Ledger are very low. As reported by CryptoGlobe, a crypto whale transferred $12 billion worth of XRP in a transaction that cost nearly nothing to process thanks to the network’s low fees.

According to data from the XRP Ledger, a total of $12.3 billion of XRP was transferred in a transaction that costs 0.000012 XRP, or $0.000157 to process.

The opinions and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only, and do not constitute financial, investment or other advice. Investing or trading in crypto assets involves the risk of financial loss.

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