XRP jumps 10% as Ripple invests in AI and metaverse firm

On July 18, Ripple announced that it has invested in Futureverse, an AI and metaverse technology and content company. The move has given a second wind to XRP prices which are currently outperforming the top 20 crypto assets.

The company has raised $54 million in Series A round funding in its effort to match AI and the metaverse. The funding round was led by 10T Holdings and also included participation from Ripple.

we are excited to support @futureverse Vision!

— Ripple (@Ripple) 18 July 2023

ripples in the metaverse

Futureverse provides AI content creation tools designed to enhance music, objects, characters and animations for the Metaverse platform.

According to AnnouncementFutureverse will use the proceeds from the funding round to continue developing Pervasive AI technologies.

These include a “blockchain and suite of protocols with a ready-made runtime for building the next generation of metaverse apps, games and experiences”.

Furthermore, Futureverse is already a technology partner with Ripple. Its “root network” is integrated with the blockchain XRPL and supports the use of XRP as a GAS token as well as the XLS-20 NFT standard.

Ripple’s investment move comes after a partial but significant victory in its three-year battle against the SEC. VentureBeat commented that:

“That decision will likely free crypto companies and blockchain game companies from regulations that have hindered revenue.”

Aaron McDonald and Shara Sendroff, co-founders of Futureverse, said:

“With the help of our tremendous partners 10T and Ripple, we are excited to take the Metaverse from an abstract idea to a tangible, accessible and interactive destination.”

In the last year, the firm has formed global strategic partnerships with well-known organizations and celebrities including FIFA, MasterCard, Snoop Dogg and Keanu Reeves.

Metaverse Token Battered But XRP Up

Anything related to the metaverse in 2023 has taken a beating as AI is taking over the headlines and hype. As a result, Metaverse-related tokens were hit hard in Q2.

New one reports CoinGecko detailed the extent of these losses. The top five metaverse and play-to-earn tokens by market cap, including Axi Infinity (AXS), Sandbox (SAND), and Decentraland (MANA), saw losses of up to 40% during this period.

Many of these metaverse tokens remain down 80-90% from their peak, despite a 45% increase in crypto market capitalization this year.

Ripple’s XRP was up as much as 10% the day after the news, as it peaked at $0.817 during Asian trading before retreating slightly.