NFTs on the XRP Ledger are gaining momentum but still lagging behind

by James · December 30, 2022

Anyone thinking of XRP in 2022 will probably first think of the Ripple lawsuit with the US Securities and Exchange Commission (SEC), which is approaching its grand finale in the coming months. But there is also news about XRP that concerns the XRPL ecosystem.

This news comes from the nascent NFT space, which is gaining momentum and breaking new records. Just in early November, Ripple CTO David Schwartz announced the launch of XRPL’s own standard for NFTs on the mainnet, which was enabled with change XLS-20.

Quoting Bithomp, founder of XRPL-based NFT marketplace onXRP, Kaj Leroy, today announced that all sales on the platform exceeded a volume of 7.3 million XRP, equivalent to around 2.45 million dollars. This makes onXRP by far the most popular NFT marketplace on the XRP Ledger, followed by xrp.cafe (434,000 XRP, equivalent to around $146,000), and xMart (57,003 XRP, equivalent to $19,184).

A total of 21,469 artworks have already been sold on the onXRP NFT marketplace, which is again significantly more than xrp.cafe (2,451 NFTs) and xMart (211 NFTs).

This makes me so incredibly proud, passed 7m $XRP already. We will continue to improve and make the platform better.
Thank you❤️ pic.twitter.com/GJi0KUYTYJ

— Kaj Leroy.xrp (@BradPunkhouse) 30 December 2022

The success of onXRP is primarily due to the exclusive Xpunks collection that the marketplace presents. Xpunks shares its roots with the legendary CryptoPunks NFT collection. As of today, a total of 337 Xpunks were traded for a total value of 603,792 XRP ($203,000), according to Bithomp.

In the ranking of the most popular collections, Revelers is second with a number of sales of 1,098 and a value of $191,320, followed by xSPECTAR (629 NFTs worth $173,610), and Bored Apes XRP Club (397 NFT- is worth $155,300).

XRP Ledger based NFTs are still in early stages

However, a look at NFT sales on other blockchains reveals that digital art on the XRP Ledger is still in its early stages. According to Stockwits NFT’s 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, volume on the XRP Ledger was only $36,000 over the same time period, ranking it 14th among all blockchains.

NFT market update👀

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🐔 @chikn_nft leading AVAX
🔥Cardano SHEEESH @TavernSquadNFT launched insane tool, @ore_times_3 fantastic pfp, and @apesamfunnet the blue piece. The volume is rising! pic.twitter.com/vw6i917eUs

— Stocktwits NFTs (@StocktwitsNFTs) 29 December 2022

In terms of the most popular NFT collections across all blockchains in the last 24 hours, at least one XRPL-based art collection ranks in the top 10. While Bored Ape Yacht Club leads the trading volume with $1.9 million, Xpunks is in seventh place with 5500 dollars.

NFT Rankings Today!👀 pic.twitter.com/2SBCoup0zCH

— Stocktwits NFTs (@StocktwitsNFTs) 30 December 2022

However, according to Ripple CTO Schwartz, the future of NFTs may not just be in digital art. Ripple’s $250 million NFT fund has recently backed projects that have other uses in ticketing, music and film.

Schwartz also wrote at the time that the XLS-20 would make it easier for especially external projects to connect to Ripple’s technology and then benefit from low fees and a stable network.

At press time, the XRP price was trading at $0.3393, following the broader market sentiment.