The digital world does not stand still but is developing by leaps and bounds. New technologies constantly appear and, accordingly, new opportunities for investors. NFT tokens are a hotly debated topic in the cryptocurrency world today because they have become a new tool for digitally buying and selling artwork. And they continue to develop actively.
There are also rapid ups and downs among tokens. There is popularity and competition among NFTs and the platforms on which they are traded as new players regularly enter the market. This is exactly what happened with XRP.
In early November 2022, Ripple CTO David Schwartz announced the launch of his own XRPL standard for NFT on the core network, which was activated with the XLS-20 amendment.
Right now, NFT on XRP is deplorable and cannot be viewed as an investment or a "flip." This is even though Ripple Labs, which owns the XRP token, is the sixth-largest cryptocurrency in the world by market capitalization. Let's look at the main reasons for this judgment.
We conducted a qualitative analysis that confirms the previously stated statement about the unattractiveness of NFT on XRP as an investment. We analyzed the position of this non-fungible token based on the following indicators: market availability, visibility, and a review of platforms where you can buy NFT collections on the XRP system. Next, we will talk more about the results of the study.
To study a new product, including NFT, users will need information about it. How popular a particular token is, where it trades, who invests, capitalization volume, forecasts, and risks.
In the case of XRP, the reason for the unsuitability of this non-fungible token for investment is quite obvious — as soon as you start searching for the subject, the search engine finds nothing relevant.
Google search cannot produce an NFT marketplace on XRP, or a direct link to any known collection (image below) of this network, unlike ETH, SOL, and BNB.
Google gives us general results about the Ripple crypto platform and the XRPL blockchain, articles on leadership, and news about the launch of a new NFT on XRP. But user with this request wants to go straight to the platform where they can see the NFT collection.
If you enter the query “xrp nft marketplace” the situation improves slightly, but this is at first glance (image below). The first link leads to one of the infrequent NFT marketplaces, and the third one to Binance. Then, the search engine result page situation is the same – irrelevant search results.
As a result, the rule can be applied to this situation: "If something cannot be found on Google, it simply does not exist. This slows market activity, the process of creating new rare collections, users, and marketing in general.
We used a public resource to review the places where NFTs trade. The publication date is 16/07/2022, but the information is still current. Presumably, the article has an advertising message, but even it displays the following problems.
Of the five sites considered the top XRPL NFT Marketplace, only two are working, with the rest in “Coming soon” status. We had to ask Google for help to find more sites where you can look at NFT collections on XRP and buy them. So, we found three more places where you can buy NFT collections. Below we will tell you more about each one.
Sologenic is the only NFT Marketplace fully operational and suitable for trading. It has an intuitive design, a good selection of metrics for analysis, internal bridge, and exchange, and actively promotes its collection of "Astro Avatars." The problem is that the site is a copy of OpenSea, and in the top collections for a long time appear the same collections, the supply of which rarely exceeds 100 people, and the number of owners is 20 people. That said, the collections have volumes present, often at the $10,000 level. But will discuss the “top” NFT collections in the third section of this study.
Separately want to mention their collection, the data shown in the screenshot below.
Not overly impressive results as one of the “Top 5 places to buy XRP NFTs". Although, as you can see, the price is relatively small, potential investors might have noticed the potential for an investment at this stage. But this is not the case. NFTs with a small number of items, owners, and trading volume in the collection are not attractive to buyers.
VAGABOND - V-NFT is the second top site of the sample. It went as far as developing a video on how to do the NFT Marketplace. But no more.
Only the home page works on the site, and the marketplace page gives an error. Again, the videos on YouTube were uploaded a year ago, and the videos have an interview or stream format. It's not what users came for.
On the nftmaster site is a bizarre situation with users' activity. To begin with, the buttons of the site sections, resources, and links to the social networks of developers are not active, not counting discord, with 643 members. “Top” collections of the site are shown in the screenshot below; their volume and floor price speak for themselves.
For example, you may see unnamed leading collections with single views and completely absent purchases. In the top sales section, we were curious to see which NFTs on XRP people did like and what they were willing to go to such lengths to find these collections for.
In this case, the price floor and the volume of non-fungible tokens are not specified. However, it can be noted that almost 300 people bought the frogs. They are fantastic, we can agree.
The Bored Apes XRP Club will be mentioned separately in section three; the only thing to say now is that there are data problems on the site, as this collection has volume on other NFT Marketplaces.
The Binance NFT Marketplace itself is looking to grow by integrating many collections from the ETH network and bringing in new collections from other networks. Still, there is no similar commitment to XRP.
For example, you may see unnamed leading collections with single views and completely absent purchases. In the top sales section, we were curious to see which NFTs on XRP people did like and what they were willing to go to such lengths to find these collections for.
In this case, the price floor and the volume of non-fungible tokens are not specified. However, it can be noted that almost 300 people bought the frogs. They are fantastic, we can agree.
XRP NFT is the only site that Google gives out when asked. XRP NFT is the only site where active collections with any volume are traded.
This platform is an almost complete copy of OpenSea with identical metrics for evaluating NFT collections. However, many of the site's affiliate links and resources lead to a 404 error page.
It also has a resource for quickly adding your collection to the site. The resource has 0% of its royalty.
To summarize, the overall situation for XRP NFT Marketplaces shows that the market is stagnant. According to the data from the regular search options, users rarely search for anything about NFT on XRP, and experts need to take the time to describe the benefits of these tokens. The hype that rose in fall 2022 is likely a good start for a new NFT; the developers still need to create a consumer-friendly and comfortable environment for trading and using the tokens.
According to the sites listed above, XRP NFT and Sologenic, data from which may be reliable, let's break down the top 3 NFT collections on XRP.
Bored Apes XRP Club is a copy of BAYC, with deteriorated drawing, thanks to which it took the leading position in the market.
The number of owners is insignificant for a supply of 10,000, and the volume is suspicious for such a price. Given the lack of graphic representations and the history of the collection, we assume Wash Trading.
Also, there is a probability of a significant part of the collection in the hands of the author since the activity on the market is insignificant.
Similar to Bored Apes XRP Club, only LedgerPunks is copied from Cryptopunks.
The conclusions on the collection are similar because of the number of owners, supply, and volume-to-price ratio.
Similar to the previous situation, XPepe is a copy of the collection on ETH. The case is exactly the same as the last collection, as are the explanations for the activity.
The rest of the collections that are on the primary pages/top lists marked “Verified collection” have an absolute bacchanalia going on, namely:
This was the normal situation for 90% of the collections on ETH and SOL, but in the case of XRP, they are presented as soon as you log on to any of the above sites. Unfortunately, we have not seen this with XRP tokens.
Examples to prove this statement is shown in the screenshots below:
Our goal was not to criticize the platform or specific NFTs. We have been working with different types of crypto-assets for a long time, and we are fans of the digital future, virtual investments, and projects now being implemented in this sphere.
When a new product appears on the market, such as NFT based on the XRP blockchain, it catches the attention of everyone who cares, such as us. Users are waiting for us to tell them whether they should invest in the new product and whether they should expect profits from it after some time.
To summarize the information available, NFTs on XRP need long, systematic development of an ecosystem, marketplaces, and collections. These art objects may eventually conquer the market, and you and I will be biting our elbows. However, for now, investment in these NFTs will not live up to your hopes.
