Sologenic announced it’s going to be developing a new NFT marketplace on the XRP Ledger

Cryptocurrency investment platform Sologenic has announced that it will develop a new NFT marketplace on the XRP Ledger that will benefit users because of its low transaction fees. Before its launch, it issued $250 million in cryptocurrency to XRP holders.

Sologenic announces $300 million airdrops to XRP users ahead of NFT marketplace launch

According to the press release, the Sologenic Development Foundation is set to unlock 200,000,000 SOLO and move them to XRP and SOLO holders globally to engage the community to participate in the ecosystem and proposed governance utilities.

The airdrop is sourced from tokens currently locked in the SOLO Community Fund (SCF) and SOLO Expansion Fund (SEF), designed to build and expand the SOLO community when the ecosystem was launched in early 2020.

At the time of writing, SOLO is trading for over $2.07, which means a total of over $400 million worth of tokens will be streamed to XRP and SOLO holders. The snapshot of the airdrop is set to be taken on December 24 at 20:00 UTC.

To be eligible, the wallet must create a Trustline with the Sologenic oracle. Users can create Trustlines directly from their wallets or hold their XRP in centralized exchange platforms that support airdrops.

Transaction fees on the XRP Ledger are extremely low. A crypto whale transferred a whopping $12 billion worth of XRP in a transaction that cost nothing thanks to the network’s low fees. According to data from the XRP Ledger, a total of $12.3 billion worth of XRP was moved in a transaction that cost 0.000012 XRP or $0.0000157 for processing.

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