xSongs: Ripple (XRP) Presents Music Marketplace

December 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

While Ripple has developed the cryptocurrency XRP primarily for fast and efficient cross-border transactions, the company is always striving to find more applications.

In early January, Ripple invested $100 million in blockchain gaming development. Now the company introduced a music marketplace where users can pay and artists get paid with XRP.

The platform is called xSongs and should payout according to the medium contribution 100% of the revenue to the artists. For the time being, Ripple does not want to make any money with the marketplace, but rather push ahead with the adaptation and increase the use of XRP. When asked how Ripple wants to make money from it, the Head of Product Craig DeWitt writes on Twitter:

“If you can build a product that drives significant value to the market, monetization will not be a problem. Uber loses money on ever ride they give, but they’ve built something incredibly valuable.”

For platform utilizes Payburner, an integrated payment system built on top of the XRP Ledger, explains DeWitt.

xSongs is currently in beta. Artists can upload and manage songs, the purchase option will follow as soon as development is complete and enough content is available. After that, it should be possible for every user to buy music with XRP.