Ripple sets new record with 108,900 XRP used in XRPL NFT sales

Recently, the XRP Ledger achieved a new milestone in terms of the total number of NFT sales on the platform. As per data provided by XRPL-based modular ecosystem – onXRP – one of the NFT collections “XRPL Punks” sold items for 108,900 XRP, which is equivalent and worth $44,000.

The official Twitter account of onXRP noted that the sale was a result of an open auction by Xpunk #8811. The platform didn’t reveal the name of the buyer but stated that this person is well-known within the XRPL Punks community.

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

— onXRP.com (@onXRPdotcom) November 25, 2022

The XRPL Punks collections also dubbed Xpunks was created as a homage to the already legendary non-fungible CryptoPunks collectibles. It is also one of the hottest NFT collections on the XRP Ledger.

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

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

Ripple’s Push for Non-Fungible Tokens (NFTs)

 Ripple is playing in the NFT space and has launched a $250 million Creator’s Fund to bring big NFT projects to the XRP Ledger. Earlier this month, Ripple partnered with Ethereal Labs to bolster the Web3 ecosystem by bringing NFTs and crypto assets to the masses via the XRP Ledger, custom partnerships, and collaborations.

The goal behind this partnership is to boost Ripple’s NFT strategy and thus bring NFTs to a larger audience.

While Ripple continues to lock horns with the U.S. SEC over the securities battle for XRP, the company has continued to work on other aspects of its ecosystem. However, this ongoing legal battle with the SEC could be playing a spoilsport for Ripple as of now.

As we know, Ripple has been pitching its XRP solutions to banks for instant cross-border settlements worldwide. Banking giant JPMorgan which is actively working on blockchain solutions, however, chose MATIC and AAVE to settle USD to JPY forex transactions.

Upon this development, crypto influencer Lark Davis questioned the value proposition for XRP. CryptoLaw founder John Deaton responded to it stating that the fact the XRP continues to be in the top ten digital assets despite all odds speaks about its success. He also lashed out at Davis for undermining XRP just because JPMorgan chose other digital assets.

In another win, Australia’s biggest financial conglomerate CommBank, said that they would be using Ripple’s XRP Standard for cross-border payments.