The Sologenic Foundation announced it is going to develop a new market for non-fungible tokens (NFT)
The new NFT platform marketplace will be launched on Sologenic DEX, an “advanced decentralized trading platform” that allows users to trade a variety of crypto assets, including future tokenized assets such as stocks and ETFs, while managing their own private keys.
In anticipation of its launch, they are conducting an airdrop for holders of XRP and SOLO tokens.
According to a press release, the Sologenic Development Foundation intends to unlock 200,000,000 SOLO tokens and distribute them to XRP and SOLO holders around the world “to encourage the community to participate in the ecosystem.”
The announcement states that the giveaway comes from tokens currently locked in the SOLO Community Foundation (SCF) and the SOLO Expansion Fund (SEF), which were designed to “build and expand the SOLO community when the ecosystem launched in early 2020” .
A snapshot of accounts for participation in the airdrop will be taken on December 24 at 23:00 Moscow time. SOLO tokens will be distributed to those accounts holding SOLO and XRP at the time of the snapshot.
The following ratio will be applied to the distribution:
- XRP holders: 50%
- SOLO owners: 50%
Please note that XRP holders must establish a line of trust with the Sologenic gateways in order for the account to be eligible for the free giveaway.
Users can either create a line of trust directly from their wallets or store their XRP on centralized trading platforms that support airdrops.
XRP holders who store their coins on SOLO Wallet or XUMM require a line of trust to the Sologenic gateway. This can be done using the SOLO Wallet app or the XUMM app by adding SOLO as a currency to an existing account.
XRP holders who hold their holdings on exchanges will need to periodically check to see if their exchange supports airdrop.
Some quick facts on the upcoming #NFT Marketplace on the #Sologenic DEX:- Users can mint NFTs by burning $SOLO.
– Users can feature NFT collections by burning $SOLO.
– Users can Bid & Trade NFTs with $XRP and $SOLO.100% of transaction costs are burned! @realSologenic https://t.co/QAra3E0nZZ — Bob Ras (@bobrasX) November 11, 2021
Users will be able to mint and list their own NFTs by burning SOLO tokens. The use of NFT collections will also be possible using SOLO as a payment method. 100% of SOLO tokens collected as fees will be burned immediately, thus becoming a deflationary asset.