The first NFT on the XRP Ledger (XRPL), XPUNKS, has announced its exit from the network. XPUNKS disclosed moving to the Solana blockchain in its bid to operate on a fairer ecosystem.
XPUNKS triggered the NFT frenzy of 2021 on XRPL. But its quest for more growth and a richer NFT culture now takes it to Solana, a rival network.
XPUNKS Stages A Dramatic Exit From XRP Ledger
The team behind XPUNKS took to the project’s X official account on March 19 to announce the migration. The post, which also contained a video, was titled “New Beginnings @Solana.”
New Beginnings @solana pic.twitter.com/MolY6k84ON
— XPUNKS (@XPUNKNFTs) March 19, 2024
The video started dramatically with the XRPL logo, which started to fade away, followed by a display of the Solana logo. The video confirmed that XPUNKS has crossed over to Solana from XRPL.
The sudden departure of XPUNKS from the XRPL platform has raised several questions within the crypto community.
Many wonder whether it’s a complete exit or the project is building a multi-chain functionality. While the team noted that they built a bridge to the new blockchain, it gave no details on the form of the exit.
However, it organized an Ask Me Anything (AMA) session on X for more information on the development.
Notably, XPUNKS emerged in the industry in 2021, displaying a meteoric growth pattern within a very short period. The NFT achieved a $100 million market cap within 4 weeks after its launch. Though XRPL wasn’t minting NFT during the period, the XPUNKS team introduced an IOU token on the blockchain.
This feature triggered an explosive adoption of the project among the committed XRP Army and others. For over two years, UPUNKS has stood as a staple of XRP NFTs. Data from an XRP explorer, Bithomp, indicated that XPUNKS total sales amount to over $9.64 million through 6,947 NFTs trades.
Also, the project constituted more than 35% of all NFT volume on XRPL. However current sales chart shows that XPUNKS recorded a steady drop in NFT sales since 2023.
Many people have reacted to the sudden departure of XPUNKS from the XRP Ledger. Some think that the project is taking the right steps that will ensure its sustainability in the future.
An X user, JODES, shared many factors that could contribute to XPUNKS’ migration to Solana. He mentioned that
Working on the XRPL feels like drowning in a life jacket store.
According to JODES, the XRP ecosystem lacks what it takes for projects like XPUNKS. He also sees XRPL as unfit technically, financially, and even socially to support projects. Though JODES is also an XRP community member, he felt disappointed that it took the project’s departure from XRPL for many to recognize it.
Moreover, he blamed the payment company Ripple for the state of XRPL. Besides JODES, the founder of XPUNKS, Kaj Leroy, also believes that the spike in engagement due to their exit from XRPL is a positive signal. According to him, the announcement post on X has garnered almost 200 thousand views and more comments.
Leroy stated:
While our announcement is nearing 200k views, everyone in the XRP community is talking about us. That makes me happy.
