Anyone thinking about XRP in 2022 will likely be thinking about Ripple’s court case with the US Securities and Exchange Commission (SEC), which is approaching its final stage in the coming months. But there is also news about XRP related to the XRPL ecosystem.
This news comes from the emerging NFT space, which is gaining momentum and breaking new records. Only in early November, Ripple CTO David Schwartz announced the launch of his own XRPL standard for NFTs on the mainnet, which was enabled by the XLS-20 amendment.
Quoting Bithomp, founder of the XRPL-based NFT market onXRP, Kaj Leroy, today declare that all sales on the platform exceeded the volume of 7.3 million XRP, equal to about $2.45 million. This makes onXRP the most popular NFT marketplace on the XRP Ledger, followed by xrp.cafe (434,000 XRP, equivalent to about $146,000), and xMart (57,003 XRP, equivalent to $19,184).
A total of 21,469 artworks have been sold on the onXRP NFT market, which is more than on xrp.cafe (2,451 NFT) and xMart (211 NFT).
This makes me very proud, over 7m $XRP already. We will continue to improve and make the platform better.
Thank you ❤️ pic.twitter.com/GJi0KUYTYJ— Kaj Leroy.xrp (@BradPunkhouse) December 30, 2022
The success of onXRP is first and foremost due to the exclusive collection of Xpunks presented in the market. Xpunks shares its roots with the legendary CryptoPunks NFT collection. As of today, a total of 337 Xpunks were sold for a total price of 603,792 XRP ($203,000), according to Bithomp.
In the ranking of the most popular collections, Revelers ranked second with 1,098 sales and a value of $191,320, followed by xSPECTAR (629 NFTs with a value of $173,610), and Bosen Apes XRP Club (397 NFTs with a value of $155,300).
XRP Ledger-Based NFT Is Still In Its Early Stages
However, looking at NFT sales on other blockchains shows that digital art on the XRP Ledger is still in its early stages. According to Stockwits NFTs data, market leader Ethereum had a trading volume of $18 million in the last 24 hours, followed by Solana with $3.1 million, Sorare ($695,000), IMX ($470,000), and Cardano ($343,000). In contrast, the volume on the XRP Ledger was only $36,000 in the same period, ranking 14th among all blockchains.
NFT market update👀
🐶Dogs that carry VET up to 5 digits @VVarDogsNFT
🐔 @chikn_nft leading AVAX
🔥 Cardano SHEEESH @TavernSquadNFT launch crazy utility, @ore_times_3 pfp is awesome, and @the_ape_society blue chip. Volume up! pic.twitter.com/vw6i917eUs— Stocktwits NFTs (@StocktwitsNFTs) December 29, 2022
As for the most popular NFT collections across all blockchains in the last 24 hours, at least one XRPL-based art collection is in the top 10. While Bosen Ape Yacht Club leads the trading volume with $1.9 million, Xpunks ranks seventh with $5,500.
Today’s NFT ranking!👀 pic.twitter.com/2SBCUp0zCH
— Stocktwits NFTs (@StocktwitsNFTs) December 30, 2022
According to Ripple CTO Schwartz, however, the future of NFT may not be limited to digital art. Ripple’s $250 million NFT fund recently backed projects that have other use cases in the fields of ticketing, music, and movies.
Schwartz also wrote that the XLS-20 will facilitate external projects especially to connect to Ripple technology and then benefit from low costs and a stable network.
At press time, the price of XRP was trading at $0.3393, following broader market sentiment.
Featured images from Xpunks.club, Charts from TradingView.com