Non-fungible tokens have undoubtedly become a prominent and reputable niche in the decentralized space. Although NFTs have been around for some time, the technology only rose to stardom in 2021, dubbed “the year of NFT,” when it also became Collins dictionary’s word of the year.
The trajectory of NFTs didn’t stop in 2021 however; it kept flying to a greater altitude as it witnessed more adoption, which ushered in more developers, creators, and stakeholders, to mention a few. The stakeholders are the vanguard and promoters of NFT, including investors/enthusiasts and marketplaces.
What is onXRP NFT Marketplace?
The onXRP NFT marketplace is another epic haven for minting and trading NFTs publicly without third-party interference. It is a trading niche of the onXRP ecosystem co-founded by Kaj Leroy, Bastiaan van Roekel, and Louis de Jong in Q1 2022. The ecosystem is backed by the notably swift and efficient XRPL (XRP Ledger), and as onXRP sounds, the ecosystem incorporates all XRPL activities, making it a flexible and modular ecosystem.
The marketplace is one of the most exciting features of all existing modules on the ecosystem. It shelters 360 collections of NFTs cutting across eight categories: Arts, Collectibles, Gaming, Music, Photography, Sports, Trading cards, and Utility. Like other marketplaces, investors and enthusiasts can bid on NFTs during auctions, while NFTs are also available for instant purchase. NFTs listed on this marketplace are priced and bought in XRP tokens since they are classified as XRPL NFTs.
What are XRPL NFTs?
XRPL NFTs are XLS-20 token standards representing NFTs created on the XRP Ledger. Like all decentralized tokens, they have their respective standard indicating the network where they are minted, the XLS-20 is the token standard for all NFTs minted on the XRP Ledger.
Are you confused about XRP Ledger and Ripple?
Let’s briefly douse that misconception.
Ripple is a financial enterprise that built its global payment network on a public blockchain network called XRP Ledger (XRPL). The XRPL was created by Ripple co-founder Chris Larsen in 2012, making XRP the native token of the network and used in cross-border payments. Since XRPL is an open-source network, it allows anyone to participate in its development; this led to the onboarding of the onXRP ecosystem on XRPL.
So now you understand why onXRP, Ripple, and XRPL have different founders/co-founders.
Before unveiling the XLS-20 token standard, Ripple had committed $250 million to explore NFT innovation on XRPL. The initiative turned out interesting, leading to the development of a compact and efficient XLS-20 which has no adverse effect on the XRPL transaction scaling.
Back to onXRP Marketplace
Like other marketplaces, onXRP has quite a list of top NFT collections being sought after by investors/enthusiasts. These top-selling NFTs include
1. XPUNKS
The XPUNK collection is the brainchild of the co-founders of the onXRP ecosystem. The collection showcased a 24-by-24-pixel canvas of 10,000 NFTs uniquely marked by ten attributes. These glamorous attributes cut across the face, facial hair, hair & hats, eyes, eye characteristics, eye wearable, neck wearable, mouth attribute, and piercing, with each NFT having a minimum of four attributes. All NFTs in this collection have a trademark X-mouth, depicting their affection and loyalty to XRPL. The current floor price of XPUNK is 1350 XRP, while the collection reportedly recorded over 8M XRP sales volume.
2. Bored Apes XRP Club
The Bored Apes XRP Club is a collection of 10,000 premium NFTs created on the XRP Ledger. Also dubbed X Apes, it differs from the BAYC collection hosted on the Ethereum network. All NFTs in this collection are uniquely characterized by varying attributes that define their rarity scorecard. Their attributes include Background, Clothes, Earrings, Eyes, Fur, Headwear, and Mouth, which are also defined by their types. For example, there are 47 types of clothes, 43 types of headwear, 33 types of mouth, 28 types of eyes, 23 types of fur, 9 types of background, and 6 types of earrings.
Like Apes on the Ethereum network received mutation serums, all X Apes holders also received HOGs as airdrops (loyalty rewards). These HOGs are another collection of 10,000 NFTs that will be used to mutate X Apes in the near future. Owning these X Apes has many benefits, including daily Baynana drops, weekly jungle events (like treasure hunts), access to Metaverse lands, and upcoming games. The floor price of X Apes on the onXRP marketplace is 550 XRP and has recorded over 3M XRP trade volume.
3. XSPECTAR
XSPECTAR is another top collection of NFTs on the onXRP marketplace. The collection currently has an undisclosed number of NFTs, with 14 attributes defining their respective rarity. These NFTs feature agents holding different weapons, ice cream, doughnuts, chocolate, detonator, cyber phone, flask, handbags, lipstick, microphone, milkshake, and lots more. Its current floor price is 290 XRP, and it has recorded over 430k XRP in trade volume.
How to Trade NFTs on onXRP Marketplace
Trading NFTs involves buying or selling NFTs on marketplaces; it is an integral factor that promotes NFTs and their adoption. Like other marketplaces, trading NFTs on marketplaces requires connecting non-custodial wallets like MetaMask, Trust wallet, etc. Buying or selling NFTs on the onXRP marketplace requires connecting with the XUMM wallet.
What is XUMM wallet again?
The XUMM wallet is a non-custodial wallet that allows users to interact with the XRP Ledger and third-party tools. The wallet is secure and fast as it executes transactions within 4 to 5 seconds, owing to the XRPL 1500 tps (transaction per second). XUMM is only compatible or available on mobile devices like Android and iOS; no web version or extension.
How to Trade NFTs
To trade NFTs on onXRP, download the official XUMM wallet from the Google play store for Android or the App store for iPhone.
Set up your wallet security module with passcodes and biometric or face ID for additional security. While setting up your wallet, read the instruction and information slides carefully before ticking the “I understand” box on your mobile device. Before using the wallet, you must create your account and copy your keys. Furthermore, you need to deposit at least 10 XRP to your account to activate it to prevent spam account creation.
After activating your account, click the XUMM icon in the middle of the icons at the bottom.
Next is to click the “Scan QR code” tab on your mobile device. While all these are done on your phone, head to onXRP marketplace on your Pc and click the “CONNECT WALLET” tab on the top right corner.
Then scan the QR code on your PC with the scanner from the XUMM wallet on your mobile device and approve the connection. Now, you’ve connected to the onXRP marketplace.
You can now buy or sell NFTs on the marketplace. As a user, you can also create or mint NFTs on the platform by clicking the “CREATE” tab at the top right corner.
To launch your NFT collection or project with onXRP Launchpad, you’ll have to connect a virgin or newly activated wallet with no transaction history. Kindly note that the Launchpad is not meant for individual minting but for corporate NFT projects.
Conclusion
onXRP is another interesting marketplace promoting the adoption of Non-fungible tokens. It is an arm of the onXRP ecosystem that onboards XLS-20 NFTs on the XRP Ledger. Aside from the above-highlighted NFT collections, there are various fascinating NFT collections on the marketplace, including
UNIXPUNKS
A.A. XRP Cyborgs
The Bearable Bulls
XAliens Genesis
Blockchain Backer
Revellers
Junkies
XFLOKI GENERATION 1
MONKEE MONKEE
Bored Ape Football Club
Rich Ducks
Xblades
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
The post Everything You Need to Know About the onXRP NFT Marketplace appeared first on NFT Plazas.
