XRPL: CryptoPunks absorbs 5.75 million XRP in two hours

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XRPL: CryptoPunks absorbs 5.75 million XRP in two hours

One of the first NFT collections to launch on the Ethereum blockchain in 2017 is called CryptoPunks. As such, Larva Labs founders Matt Hall and John Watkinson came up with the idea of creating 10,000 separate avatars as an experiment. Today, many people consider CryptoPunks to be the largest and most important collection of NFTs. On November 2, 5.75 million XRP were traded on XRPL’s “CryptoPunks” NFT collection in less than two hours.

XLS-20 launch boosts XRP trading

Yesterday was a busy day for XRP Ledger. Launched on the same day as the long-awaited new standard, XLS-20, the XPUNKS collection is the XRPL equivalent of the now-famous CryptoPunks. It was the most popular and sought-after asset at the time of the XLS-20 NFT sales launch.

At the same time, on the onXRP exchange, new XPUNKS and some additional XLS-20 NFTs were minted. Statistics show that in the first hour after the start of trading, XRP trading volume reached 3 million, equivalent to $1.4 million. The volume then increased by about another 3 million XRP, or $2.63 million, in just two hours.

Figures indicate that sales of NFT XLS-20 have surpassed the most recent NFT sale on Reddit. They have also surpassed a quarter of Cardano (ADA) NFT’s monthly stats, which has attracted a little too much attention over the past month. However, only 728 of the 10,000 XRPL Punks have been sold at the current low price of XRP 2,750 so far.

Kaj Leroy, CEO of onXRP and developer of XPUNKS, believes that XRP Ledger has the potential to become at least a third player in the NFT market. According to Leroy, XRP Ledger could easily climb over the next few months and exceed its current level.

XLS-20: For more efficient creation of NFTs on XRPL

On 31 October, the XRP Ledger (XRPL) of the XRP blockchain was updated to support the new XLS20 standard of NFT.

According to Emi Yoshikawa, vice president of corporate strategy at Ripple, the ability to simply issue NFTs without using smart contracts is one of its main advantages. It seems more flexible compared to the traditional standards used for Ethereum (ETH) and EVM-enabled chains.

As a developer, you will therefore have the ability to operate NFTs without complexity. You will also be protected from the security risks of smart contracts.

Furthermore, he adds that financial institutions also use XRP Ledger for international money transfers. According to him, it is a scalable, enterprise-level chain that has never experienced a network failure in nearly 10 years of operation. In addition, because it can send NFTs, some say it is perfect for corporate use.

For his part, Ripple’s CTO David Schwartz points to more important features. These include automated fees that immediately refund a portion of the secondary distribution transaction rate and co-ownership of assets that is standardized at the protocol level.

Crytopunks: First NFT collection to be Listed in the Guinness World Records

The blockchain is now recognized by the Guinness Book of World Records, which has included a CryptoPunk in its latest edition. The NFT that most clearly represents Web3 is CryptoPunk #5822.

Indeed, the latest publication of the Guinness Book of World Records has added a new chapter entitled “CryptoMania” to its encyclopedia. Famous cryptographic events of the last ten years can be found in this section. The edition also covers NFTs, bitcoin, early altcoins, and cryptocurrency records.

This is the most expensive CryptoPunk sale to date. In fact, NFT CryptoPunk #5822 had sold for a whopping 8,000 ETH (or about 23 million USD). The event took place in February 2022, when the market reached its peak for the year. As a reminder, CryptoPunk #5822 is illustrated by an alien wearing a blue bandana. Chain CEO Deepak Thapliya is the owner of this digital asset.

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