XRPL NFT Marketplace Receives Nod From Ripple CTO for Its Innovations
It is the number one NFT marketplace on the network by weekly volume and number of NFTs sold this month.
XRP Ledger-based NFT marketplace xrp cafe received a nod from Ripple Chief Technology Officer David Schwartz yesterday.
It came as the marketplace disclosed that it had achieved many of its set milestones in the days prior. The landmarks listed include a 1-of-1 NFT minter, XRP minting pages, and IPFS support.
Notably, 1-of-1 NFTs are single edition NFTs. Consequently, it is not part of a collection, and no other one of it exists.
IPFS is short for Interplanetary File System. It is used to store off-chain NFT data, serving as a pointer to this data and eliminating disputes over NFT ownership.
In addition, the NFT marketplace shared data from Bithomp showing that it was now the preferred marketplace on the XRPL, accounting for over 50% of all XRPL NFT sales by volume this week and the most NFT sold by sheer numbers this month. At press time, Bithomp data shows that it has accounted for 55.79% of NFT sales this week by volume, with 3,863 NFTs sold this month, only behind onXRP by sales volume.
Schwartz, responding to the development, wrote, “Awesome!” quoting the tweet from xrp.cafe.
Awesome! https://t.co/x6SxntI85M
— David “JoelKatz” Schwartz (@JoelKatz) February 15, 2023
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It is worth noting that the project received $100,000 in funding from XRPL Grants in January.
Meanwhile, others responding to the development have attributed the recent successes to an enjoyable community experience.
NFTs went live on the XRPL last October. While the network might be late to the party, it offers unique advantages as NFTs are less susceptible to attacks, less likely to cause network congestion, and cheaper due to a “no-smart-contracts approach.”
Consequently, XRPL NFTs have received significant adoption in just a few months, surpassing 10 million XRP in trade volume by December. Notably, developers have recently proposed a lighter-weight NFT standard to complement the XLS-20 standard and make NFTs simpler to use on the network.
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