What Is NFTempo (XFT)?
NFTempo (XFT) is a native token built on the XRP Ledger, designed for a music NFT (non-fungible token) platform that facilitates the exchange of all things music. The platform aims to reduce dependency on third parties, decentralize musician financing, and unlock the true value of music as an asset class. NFTempo's ecosystem includes a music marketplace, a tokenized royalties marketplace, an NFT ticket marketplace, and NFT-Fi, which provides DeFi capabilities for NFTs. The team behind NFTempo aims to democratize the music industry, providing a frictionless music market designed for a truly Web3 music experience.
Who Are the Founders of NFTempo?
The founders of NFTempo are Charlie Wooding, Cleo-Isabela Lopez, and David Jeewarathnam.
Charlie Wooding is the CEO and founder of NFTempo. He has experience in the music industry, having worked as an artist manager and consultant. He is also a blockchain enthusiast and has experience in cryptocurrency trading.Charlie Wooding has prior experience as a Compliance Officer with onXRP.
Cleo-Isabela Lopez is the Chief Communications Officer of NFTempo. She is an experienced journalist and editor, having worked for several publications, including HuffPost and onXRP. She is also an advocate for blockchain technology and has been actively involved in the crypto space.
David Jeewarathnam is the CTO of NFTempo. He has a background in computer science and has worked in software development for several years. He is also an advocate for blockchain technology and has experience in building decentralized applications.
What Makes NFTempo Unique?
NFTempo is unique in several ways:
Democratizing the Music Industry: NFTempo aims to disrupt the traditional music industry by building a platform that reduces dependency on third parties, decentralizes musician financing, and unlocks the true value of the music asset class. The platform aims to create a new era of music, where creativity and engagement measure success, rather than commercial success via formulas.
All-in-One Platform: NFTempo provides a complete platform for all things music, bringing together musicians, fans, and investors. The platform allows musicians to create NFTs of their songs, albums, art, merchandise, and more. Fans have the ability to support musicians along their journey to success with immutable proof on the blockchain, serving as a tangible and powerful measure of support.
Tokenized Royalties: NFTempo is building the world's first tokenized rights marketplace, which facilitates the transfer of the full stack of rights behind music. By empowering musicians to tokenize their music, NFTempo is unlocking catalogue investing to all.
NFT-Fi: NFTempo is also unlocking the value of NFTs with their NFT-Fi module. This module allows for staking, loan collateralization, liquidity pools, and more, bringing NFTs into the DeFi economy.
XRPL Native: NFTempo utilizes the XRP Ledger (XRPL) due to its ultra-low cost and rapid settlement times. The XRPL also provides future-proofing due to its on-chain capacity of 1,500 TPS. XRP's seamless nature is essential to NFTempo's core vision of democratizing all things music.
The NFTempo platform has a utility token called XFT, which serves as the platform's payment method, reward token, tipping method, and DeFi capabilities. The total supply of XFT is capped at 250,000,000, but following the conclusion of the initial token distribution, remaining tokens have been burnt, and XFT's total supply now stands at 188,488,707.37.
The token allocation for XFT is as follows:
- Expansion Vault: 6.7% (12,500,000)
- Core Team: 13.3% (25,000,000)
- Airdrop Pool: 40% (75,000,000)
- Reward Pool: 33.3% (62,500,000)
- Strategic Partnerships: 6.7% (12,500,000)
The Airdrop Pool makes up 40% of the overall token allocation, with 37,500,000 XFT tokens to be airdropped to XRP and XFT holders. Half of this amount (18,750,000) will be airdropped to XRP holders, while the other half will be airdropped to XFT holders.
The remaining 50% of the Airdrop Pool will be airdropped over 12 months and will be based on the size of individual holdings. Snapshots will take place monthly, with exact dates being randomized to avoid manipulation. XFT token holders will receive their airdrops monthly following these snapshots.
The Reward Pool makes up 33.3% of the overall token allocation and will be used to reward active participation and community-beneficial actions.
The Core Team Fund makes up 13.3% of the overall token allocation and is locked for 12 months, then available for release over a 24-month period.
NFTempo will also match 10% of tips made by fans to musicians, which will be airdropped to XFT holders to incentivize positive actions.
Finally, 6.7% of tokens will be allocated to the expansion of NFTempo services and operations, including running a validator node to support the XRPL and carbon offsetting to ensure NFTempo remains a leader in ESG practices and good community stewardship.
What purpose does NFTempo (XFT) serve?
NFTempo (XFT) is the native utility token of the NFTempo platform. It serves several purposes, including:
Platform payment method: XFT can be used as a payment method within the NFTempo ecosystem.
Reward token: XFT is used to reward active participation and community-beneficial actions.
Tipping method: XFT is used to tip musicians on the platform, and 10% of these tips are matched and airdropped to XFT holders.
DeFi capabilities: XFT will be used within the NFT-Fi module to unlock the financial value of NFTs.
Governance: XFT token holders will have a say in the governance of the platform and can vote on proposals and changes.