A crypto investment platform is launching a $1 billion airdrop for XRP and holders of the protocol’s native token.
Sologenic (SOLO), an ecosystem built on the XRP Ledger (XRPL) that tokenizes a wide range of assets from traditional financial markets, is launching a new decentralized non-fungible token (NFT) marketplace on the XRPL.
In order to juice the new marketplace’s ecosystem, Sologenic is airdropping 200 million of its native token, SOLO, to investors who already hold SOLO or XRP, according to a new announcement from the company.
SOLO is currently trading at $5.36, meaning the total airdrop would be worth $1.07 billion at time of writing.
To claim the free SOLO tokens, crypto investors need to hold their SOLO and/or XRP on centralized exchanges that are supporting the airdrop or create a “Trustline” from their private wallet to Sologenic.
The snapshot for the airdrop will be taken on December 24th and Sologenic will divvy up 100 million SOLO a piece among the eligible XRP and SOLO accounts. Investors who establish Trustlines will receive their tokens on January 20th.
Sologenic’s new marketplace will enable users to mint NFTs under eight different categories, including motion graphics, music, and sports collectibles. It will also allow users to mint and seal multiple NFTs under a single transaction fee on the XRP Ledger.
Explains Bob Ras, co-founder of the Sologenic Development Foundation,
“Considering the current user engagement on Sologenic DEX, the level of excitement within the SOLO community and the need for a fast and cost-efficient NFT marketplace in the industry, I believe this new decentralized NFT marketplace will be a game-changer for both creators and collectors.”
Read more about the SOLO airdrop here.
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