NFTs on XRP gain traction but still trails behind other NFT platforms

Today, Bithomp and the founder of XRPL-based NFT marketplace onXRP, Kaj Leroy, reported that sales volumes for their platform had hit an incredible 7.3 million XRP (approximately $2.45 million) – making it by far the most popular NFT 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 predominantly attributed to the exclusive Xpunks collection that the marketplace has debuted. Emulating CryptoPunks NFT, these 337 Xpunks have been traded for a tremendous total value of 603,792 XRP ($203,000), as reported by Bithomp.

Revelers is at the top of the list for most-purchased and lucrative NFT collections, boasting 1,098 sales with a total worth of $191,320. Coming in second is xSPECTAR (629 pieces for $173,610), closely followed by Bored Apes XRP Club (397 tokens, to be exact – valued at $155,300).

NFTs on the XRP Ledger are still in their infancy

Further examination into 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 of trading volume over 24 hours, followed by Solana at $3.1 million and Sorare ($695,000). However, IMX and Cardano far outstrip XRP’s performance–which registered a mere $36K during the same period–placing it last amongst all blockchains.

During the last 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 $1.9 million trading volume, whereas Xpunks still makes it to seventh place at a modest yet significant $5,500.

Ripple CTO Schwartz believes the potential of NFTs isn’t limited to digital artwork. The tech giant’s $250 million NFT fund is now backing initiatives centered around ticketing, music, and film demonstrating new use cases for this technology.

In Schwartz’s words, XLS-20 was designed to facilitate external projects to tap into Ripple’s technology and benefit from its low fees and stable network.

XRP price

At the time of writing, XRP currently trades at $0.339536 with a 24-hour trading volume of $748,015,668, according to Coinmarketcap. Also, its live market capitalization is 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.