This is a self-assessment, meaning, it is information that the issuer has written themselves. The XRP Ledger Foundation does not recommend or endorse any individual token. Read more.
Basic information
Project name: XFT
Currency: XFT (XFT)
Issuing account: rGpnoqYLzWytxwQhhz715nRbqyCHM7zhxt
Distribution accounts: rsw8xJ7hJhBHom85VcFs7uS6zyd4yCwHwW
This is revision number 1, signed March 8, 2023 by rsw8xJ7hJhBHom85VcFs7uS6zyd4yCwHwW
Description: NFTempo is a marketplace for music NFTs. Our operations include:
- Music NFT marketplace
- tokenised royalties marketplace
- NFTickets (NFT ticketing solution)
- NFT-Fi (NFT DeFi)
Unique selling points: What makes this token unique, compared to the broader landscape of tokens?
$XFT will be the first token to be used directly for music NFT sales on the XRPL. $XFT servers as the utility token within the $XFT ecosystem and will be bridged to our EVM Sidechain NFT-Fi module - offering a first for the XRPL.
Purpose: What is the reason for issuing a new token, rather than using an existing? What purpose does this token serve, that is not possible with the native XRP token or other already existing tokens?
$XFT enables NFTempo to provide community rewards to artists to 'kickstart' the music NFT transition. $XFT will also service the NFT DeFi module as the primary token for DeFi mechanisms.
Whitepaper/sales material: https://www.nftempo.io/NFTempo%20Lightpaper.pdf
The whitepaper includes concepts of how and when are the tokens created, total supply and if applicable the distribution models and total amount of allocation.
Risk reminder: The issuer has disclosed a warning or a reminder of the risks associated with crypto/tokens.
Bug bounty program: This is not applicable for this token.
Legal Entity
The self-assessment is made on behalf of a legal entity (for example the issuer is a general partnership, limited partnership, private limited company, public limited company, corporation, commercial association or other).
Website: https://nftempo.io
Website information: The website should disclose the following information:- Details of the legal entity: official name and registry code, company headquarters mailing address
- Contact information: e-mail and other contact information
- Core team members
- Whitepaper if available
The website contains relevant information.
Business plan: A business plan should entail:
- the amount of revenue and expenditure by area of activity
- obligations related to the issuing of the token
- the technical administration of the company
- operational strategy
- the intended activities related to the token
- general principles of risk management and strategy of risk management
- policy for the financing of activities.
The issuer has developed a business plan for the next 3 years.
Risk assessment: A risk assessment should include identification of, assessment of impact and likelihood and mitigation measures and status of implementation for applicable risk scenarios.
The issuer has conducted risk assessment and implemented risk management activities.
Internal policies: Critical internal policies are necessary to manage risks.
The issuer has adopted and implemented appropriate internal policies and procedures in the areas of information security, business continuity, risk management and accounting.
Legal requirements: Legal requirements may vary per country and project. It is the responsibility of the legal entity to ensure legal compliance.
The issuer has assessed whether and what legal requirements apply to the project (licenses, jurisdictions, anti-money laundering regulations etc).
Self-assessment revisions
| Revision | Date |
|---|---|
| Revision 2 | March 8, 2023 |
| Revision 1 | March 8, 2023 |