Sologenic Receives a Grant from XRPL Grants to Expand the First NFT Marketplace Built on the XRP Ledger
The new cost-effective marketplace was launched in early February with great reception from the XRP community, being the first NFT Marketplace on the Ledger
Shortly after the launch of the Sologenic NFT Marketplace on January 27th, 2022, the SOLO team disclosed that the project has been approved to receive a grant from the XRPL Grant Program. The initiative aims to fund select open-source projects that continue to nurture the growth of the XRP Ledger community through technical development.
With the implementation of a completely decentralized NFT Marketplace, Sologenic shares XRP’s vision of building the future of DeFi by providing access to financial products and services in a decentralized and borderless manner, while maintaining security and performance as a priority. Delivering an intuitive and cost-effective platform, Sologenic leverages the fast and efficient consensus algorithm that makes the XRP Ledger stand out from other blockchains.
The recent release of the NFT-Devnet introduced the capabilities and functionalities of the new XLS-20d technology for native support of NFTs. The Sologenic team officially stated that the migration of NFTs minted on the marketplace under the current methodology XLS-14/SOLO to the new format will be feasible and supported once it is available on the Mainnet, allowing each NFT to preserve its history.
The marketplace operates on the same ecosystem as the Sologenic DEX, a decentralized exchange to trade cryptocurrencies including XRP, SOLO, and the upcoming Tokenized Assets. With an intuitive interface that accommodates new blockchain users as well as experienced traders, Sologenic eliminates the barrier between modern-day trading and NFTs allowing the user to be in control of all their digital assets using their preferred private wallet.
“Implementing the first NFT Marketplace on the XRP Ledger using the XLS-14/SOLO methodology gave us an opportunity to fully understand the NFT ecosystem and its behavior. With the upcoming XLS-20d amendment, the Sologenic NFT Marketplace will deliver an ultimate experience for users to mint and trade NFTs. Exciting times ahead!” — Reza Bashash — Technical Lead & Co-Creator of Sologenic
With a volume of 4300 NFTs sold during the first week of the marketplace being fully operational, Sologenic is already introducing new features. The team implemented profile and collection verification protocols to ensure a more secure user experience while still being a decentralized ecosystem.
Sologenic is disrupting the asset trading industry by offering: Tokenized Securities, Crypto Assets, and NFTs in a decentralized ecosystem. The Sologenic Development Foundation is formed by independent developers who maintain, build and expand the Sologenic ecosystem.
Sologenic.com is the largest use-case of the Sologenic Ecosystem: a sophisticated ecosystem utilizing the on-demand tokenization of a wide range of assets including Stocks and ETFs.