NFTs on XRP are gaining traction but still trailing other NFT platforms
Today, Bithomp and the founder of XRPL-based NFT marketplace onXRP, Kaj Leroy, reported that sales volume for their platform had reached an incredible 7.3 million XRP (about $2.45 million) – making it by far the most popular NFT the marketplace on the XRP Ledger. The second largest is xrp.cafe, with an impressive 434,000 XRP ($146,000), followed by xMart at 57,003 XPR ($19,184).
In stark contrast to xrp.cafe (2,451 NFTs) and xMart (211 NFTs), the onXRP marketplace has already seen an impressive 21,469 artworks sold.
The astonishing success of onXRP is mainly attributed to the exclusive Xpunks collection that the marketplace has debuted. After emulating CryptoPunk’s NFT, these 337 Xpunks have been traded for a whopping total of 603,792 XRP ($203,000), as reported by Bithomp.
Revelers tops the list for the most purchased and lucrative NFT collections, with 1,098 sales with a total value of $191,320. In second place is xSPECTAR (629 pieces for $173,610), closely followed by Bored Apes XRP Club (397 tokens, to be exact – worth $155,300).
NFTs on the XRP Ledger are still in their infancy
Further examination of NFTs reveals that digital art on the XRP Ledger is still in its infancy. Stockwits’ data shows Ethereum as the clear leader, with $18 million in trading volume over 24 hours, followed by Solana at $3.1 million and Sorare ($695,000). However, IMX and Cardano far outpace XRP’s performance – which only registered $36,000 in the same period – placing it last among all blockchains.
Over the past 24 hours, XRPL-based art collections have taken one of the top 10 spots in the most popular NFT collections across all blockchains. Bored Ape Yacht Club leads with an impressive trade volume of $1.9 million, while Xpunks still comes in seventh at a modest but significant $5,500.
Ripple CTO Schwartz believes the potential of NFTs is not limited to digital works of art. The tech giant’s $250 million NFT fund now supports initiatives centered around ticketing, music and film that demonstrate new uses for this technology.
In Schwartz’s words, the XLS-20 was designed to make it easier for external projects to leverage Ripple’s technology and take advantage of its low fees and stable network.
XRP price
At the time of writing, XRP is currently trading at $0.339536 with a 24-hour trading volume of $748,015,668, according to Coinmarketcap. Its direct market capitalization is also a staggering $17,093,443,045 and a circulating supply of 50,343,500,506 coins with an infinite maximum supply of 100 billion coins.
