Ripple's Investment in AI and Metaverse Firm Boosts XRP by 7%

JJohn July 19, 2023 1:57 PM

Ripple Labs takes a significant stride into the AI and metaverse arena by investing in Futureverse, an AI and metaverse tech firm. This move shapes not only the tech landscape's future but also spikes Ripple's own digital currency, XRP, by over 6.5% in a span of 24 hours.

Ripple invests in AI and metaverse tech

Ripple Labs has boldly stepped into the world of artificial intelligence (AI) and the metaverse. The company announced a strategic investment in Futureverse, renowned for its specialization in AI and metaverse technology. This move not only shapes the future of the technology landscape but also puts a rocket under the value of Ripple's own digital currency, XRP, sending it up by over 6.5% in just a day.

Futureverse's innovative ambition to merge AI and the metaverse has driven an impressive $54 million in a Series A funding round. This round, led by 10T Holdings, also saw an active contribution from Ripple, indicating their strong commitment to this forward-thinking project. Futureverse has positioned itself as a leading provider of AI content creation tools, designed to enhance elements such as music, objects, characters, and animations within metaverse platforms.

Next-gen metaverse tech in the making

Futureverse plans to utilize the proceeds from this funding round to further develop extensive AI technologies. These include an advanced blockchain and suite of ready-to-go runtimes, specially designed for constructing the next generation of metaverse applications, games, and experiences. Already, Futureverse has a well-established tech collaboration with Ripple. Their 'Root Network' blockchain integrates with XRPL and supports the use of XRP as a GAS token, along with the implementation of the XLS-20 NFT standard.

Ripple's investment in Futureverse follows a partial but crucial win in their three-year battle against the U.S. Securities and Exchange Commission (SEC). This legal triumph hasn't gone unnoticed in the tech world and signals exciting prospects for the future of the metaverse. Co-founders of Futureverse, Aaron McDonald and Shara Senderoff, have expressed their excitement over these developments and the prospect of their partnership with Ripple and 10T.

Ripple's XRP shines amid metaverse slump

While various metaverse-related and other cryptocurrencies are under pressure, Ripple's XRP is delivering a strong performance. Ripple's recent victory in their legal battle against the SEC has given a strong boost to the price of XRP. The price of XRP has risen to $0.795, representing an impressive price increase of more than 67% in just a week.

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