New record for the XRP crypto: the NFT sale worth $44,000
New record for the XRP crypto: the NFT sale worth $44,000
Blockchain

New record for the XRP crypto: the NFT sale worth $44,000

By Alessia Pannone - 28 Nov 2022

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The XRP crypto, native to the XRP Ledger, recently reached a new milestone in terms of the total number of NFT sales on the platform. Indeed, according to data provided by the XRPL-based modular ecosystem, onXRP, one of the “XRPL Punks” NFT collections, sold items worth 108,900 XRP, which is equivalent to $44,000.

The official Twitter account of 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 within the XRPL Punks community.

XRPL Punks collections are making staggering numbers: 1.78 million XRP

The recent $44,000 NFT “XRPL Punks” sale was commented on by the official onXRP Twitter account: 

“The XRPL has a new record! An XRPLPUNKS NF just got sold for 108900 $XRP (44000 USD). This is just the beginning for NFTonXRP.”

The XRPL Punks collections, also nicknamed 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 XRP Ledger.

After the implementation of the long-awaited XLS-20 amendment to the XRP Ledger this fall, Xpunks have traded a total of 1.78 million XRP so far.

Another most popular collection on the XRP ledger is a reference to the legendary NFT collection, the Bored Ape Yacht Club. Dubbed the Bored Ape XRP Club, it ranks second after Xpunks, with a turnover of 866,533 XRP.

Ripple and the NFT strategy: boost them for access to the widest audience 

Ripple, known for its commitment to the NFT space, has launched a $250 million Creator’s Fund to bring large NFT projects to XRP Ledger. 

Earlier this month, Ripple indeed partnered with Ethereal Labs to strengthen the Web3 ecosystem, bringing NFT and crypto assets to the masses via XRP Ledger, custom partnerships and collaborations.

The goal behind this partnership is to enhance 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 spoil its future plans. 

As we know, Ripple has introduced its XRP solutions to banks for instant cross-border payments around the world. However, banking giant JPMorgan, which is actively working on blockchain solutions, chose MATIC and AAVE to settle USD to JPY forex transactions.

After this development, cryptographic influencer Lark Davis questioned the value proposition for XRP. CryptoLaw founder 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 about its success.

Doubts for XRP crypto: is it centralized? Here’s what Ripple executives say 

It seems that a new controversy has emerged in recent days regarding the decentralization of XRP Ledger and the cryptocurrency that powers it, XRP. Arguments for the doubters’ points were presented by Ripple’s former director of development, Matt Hamilton, and 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 earnings 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 affiliates.

Hamilton agreed that the blockchain’s revenue is zero, which is what makes 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 Ripple only controls its 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 states: 

“The network is decentralised and Ripple only control their UNL. They don’t control my UNL. They don’t control your UNL. It is decentralised. It is a question that you fail to understand. Ripple can attempt what they want, but it would be futile. They know this.”

David Schwartz also responded to another argument regarding amendments that validators might try to bring to the ballot. Indeed, it was argued that if validators successfully vote for an amendment and the nodes disagree, they simply separate from each other, 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, 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. Meanwhile, the company holds 44 billion XRP in escrow accounts.

Alessia Pannone

Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.

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