Blockchain-based digital payment network Ripple has unveiled its metaverse ambitions through its investment in an AI-metaverse start-up called Futureverse. In accordance with the announcement post, Ripple spearheaded the $54 million financial round along with other investors like 10T Holdings to create an open, scalable, and interoperable infrastructure within the metaverse industry.
Additionally, Futureverse has also teamed up with The Root Network, a blockchain and set of protocols with ready-made runtimes for developing the next generation of metaverse apps, games, and experiences. The Root Network is connected with the XRP Ledger [XRPL] and supports both the XLS-20 NFT standard and the use of XRP as a gas token.
Futureverse has also forged alliances with FIFA and Mastercard and boasts stellar collaborations with some of Hollywood’s biggest names like Death Row Records, Snoop Dogg, and Keanu Reeves. The AI firm was among the pioneers of the concept of an open metaverse ecosystem and executed a rollup strategy involving both the metaverse and Web3 alongside blockchain gaming giant Animoca Brands.
Some of Futureverse’s ongoing initiatives include AI League, a mobile soccer game authorized by FIFA, and FLUF World, a non-fungible token [NFT] collection of cartoon bunnies. It is noteworthy that Ripple owns about 5% of Futureverse. Monica Long, the organization’s president, is a member of the Futureverse board.
After the recent precedent-setting victory with the SEC, in which it was determined that XRP was “not necessarily a security on its face,” Ripple is now aiming to diversify its portfolio and increase its presence in the digital realm.
Ripple Counsel Hints Appeal Option
As earlier reported, the blockchain firm has concluded a prolonged legal battle with the US regulator. It wasn’t a total victory for Ripple, as the judge also ruled that sales of XRP by Ripple to institutional buyers do count as unregistered sales of securities.
General Counsel Stu Alderoty admitted that the company wouldn’t shy away from an appeal and that it would analyze its future course of action.
Meanwhile, XRP, the token backed by the firm, has managed to steal the spotlight on the social engagement metric. XRP has surpassed both Bitcoin and Ethereum in trading volume, according to the latest data insight provided by LunarCrush. Demand for the Ripple-backed token soared as trading volume hit 1 million per minute.