Ripple’s XRPL Punks NFT Collection Defies Bear Market

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  • The XRPL Punks NFT collection on the Ripple platform has touched a new high
  • An NFT in the collection changed hands for over $40,000
  • The sale has attracted skepticism among the crypto community

XRPL Punks, an NFT collection powered by Ripple’s XRP Ledger (XRPL), has reached a new high after an NFT in the collection sold for over $40,000. Details indicate that the sale was made possible by an auction won by a mysterious NFT collector. However, some in the cryptocurrency community were skeptical about how the NFT fetched such a high price.

CryptoPunks on XRP Ledger

In a Twitter post on Friday, onXRP, a modular platform that tracks everything on XRPL, said that the buyer parted with 108,900 XRP for XRPL Punks #8811 which equated to $44,000 at the time of the sale:

XRPL Punks are considered by those in the community to be the Ripple version of the Ethereum-based CryptoPunks, although this opinion doesn’t exist outside of this community.

The feat comes barely a month after Ripple activated the XLS 20 Amendment that opened the XRP Ledger to external NFTs on October 31. Since the update, the XRPL Punks collection has registered a trading volume of over $650,000 while the Bored Ape XRP Club NFTs worth over $300,000 have changed hands within the same period.

From 1,750 XRP to 108,900 XRP in Just 12 Hours?

However, some in the crypto community were skeptical of the XRPL Punks’ unusually high price, with one commenter on Twitter saying that there “literally no reason for it to be that valuable [unless someone is] trying to red flag the value by falsely overpaying for it.” Another wondered how the NFT fetched that much despite the floor price being 1750 XRP some “12 hours ago.”

The news comes two weeks after Ripple partnered with Ethereal Labs to popularize XRP Ledger-based NFTs. With the CryptoPunks and Bored Ape collections recording considerable trading volume on the platform, it’s likely more projects will be availing their NFTs on XRPL.