New record for the XRP crypto
The XRP crypto, native to XRP Ledger, recently reached a new milestone in terms of the total number of NFT sales on the platform. In fact, according to data provided by the XRPL-based modular ecosystem, onXRP, one of the “XRPL Punks” NFT collections, sold items worth 108,900 XRPequivalent $44,000.
The official one Twitter account from onXRP noted that the sale was the result of an open auction of Xpunk #8811. The platform did not reveal the name of the buyer, but said that this person is well known in the XRPL Punks community.
XRPL Punk’s collections yield staggering numbers: 1.78 million XRP
The recent $44,000 NFT “XRPL Punks” The sale was commented on by the official onXRP Twitter account:
“XRPL has a new record! An XRPLPUNKS NF just sold for 108900 $XRP (44000 USD). This is just the beginning for NFtonXRP.”
The #XRPL has a new record! An @XRPLPUNKS NFT was just sold for 108900 $XRP (US$44,000).
This is just the beginning for #NFTonXRP.— onXRP.com (@onXRPdotcom) 25 November 2022
The XRPL punks collections, also called Xpunks, were created as a tribute to the already legendary CryptoPunks non-fungible collectibles. It is also one of the most popular NFT collections on the XRP Ledger.
Following the implementation of the much-anticipated XLS-20 addition to the XRP Ledger this fall, Xpunks has acted in total for 1.78 million XRP So far.
Another most popular collection on the XRP ledger is a reference to the legendary NFT collection, Bored Ape Yacht Club. Called to Bored Monkey XRP Clubranking it second only to Xpunks, with a turnover of 866,533 XRP.
Ripple and the NFT strategy: increase them for access to the widest audience
Rippleknown for its commitment to the NFT space, has launched a 250 million dollars Creator’s Fund to bring major NFT projects to the XRP Ledger.
Earlier this month, Ripple actually partnered with Ethereal Labs to strengthen the Web3 ecosystem, bringing NFT and crypto assets to the masses via the XRP Ledger, custom partnerships and collaborations.
The goal behind this partnership is to improve Ripple’s NFT strategy and thus bring NFTs to a wider audience.
While Ripple continues to clash with the US SEC over the securities battle over XRP, the company has continued to work on other aspects of its ecosystem. However, this ongoing legal battle with the SEC could derail future plans.
As we know, Ripple has introduced its XRP solutions to banks for instant cross-border payments worldwide. However, banking giant JPMorganwhich is actively working on blockchain solutions, chose MATIC and AAVE to settle currency transactions between USD and JPY.
Following this development, cryptographic influencer Lark Davis questioned the value proposition of XRP. Founder of CryptoLaw John Deaton responded by saying that the fact that XRP crypto continues to be among the top ten digital assets despite all the difficulties speaks volumes for its success.
Doubts on XRP crypto: is it centralized? Here’s what Ripple executives are saying
It appears that a new controversy has emerged in recent days regarding the decentralization of the XRP Ledger and the cryptocurrency that powers it, XRP. Arguments for the doubters’ points were presented by Ripple’s former director of development, Matt Hamiltonand the company’s current CTO, David Schwartz.
Specifically, it all starts with the argument that XRPL, being a blockchain that generates zero revenue, cannot offer revenue to validators, which discourages independents from participating in the network.
In addition, the lack of revenue generates a lack of independent validators, which poses the threat of XRPL being taken over by Ripple and its affiliates.
Hamilton agreed that the blockchain’s revenue is zero, making it decentralized in that the interests of validators and users are aligned. As for taking over the network through subordinate validators, the company’s former chief developer said that Ripple only controls the list of unique nodes (UNL).
However, if Ripple tried to “take over” other validators, the other nodes would simply exclude them from their UNL. In fact, this is what it says on Hamilton’s official Twitter account, which says:
“The network is decentralized and Ripple only controls their UNL. They don’t control my UNL. They don’t control your UNL. It’s decentralized. That’s a question you don’t understand. Ripple can try whatever they want, but it would be futile. They know this.”
The network is decentralized and Ripple only controls *their* UNL. They don’t control my UNL. They do not control your UNL.
It is decentralized.
That’s a question you don’t understand. Ripple can try all they want but it would be futile. They know this.
— Matt Hamilton | #LabWeek22 🇵🇹 (@HammerToe) 25 November 2022
David Schwartz also responded to another argument regarding changes that validators might try to bring to the ballot. Indeed, it was argued that if validators successfully vote for a change and the nodes disagree, they simply diverge, i.e. a fork occurs.
This question was based on the dual nature of the vote, which, while it can generate more XRP, also has the power to burn all the XRP held by Ripple.
On the issue, as reported by U.Today, the XRP Ledger Foundation removed two validators controlled by Ripple and added one in early October. Currently, Ripple reportedly controls 2 out of 35 validators, or less than 6% of all capacity. In the meantime, the company is holding 44 billion XRP on blocked accounts.
