Is NFT Mania Back? An Investor Has Just Bought An NFT With No Image On XRPL

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Non-fungible tokens gained mainstream adoption in 2021. At the time, most investors appeared obsessed with investing in NFTs, with the market action pushing many digital assets to record new all-time highs.

NFT Investor Buys An NFT With No Metadata On XRPL

In 2023, a similar non-fungible token mania appears to retest despite many NFT investors suffering from a brutal market meltdown in 2022, which left many NFTs shedding more than 70% of their value.

The recent incident involving a digital asset investor buying a blank non-fungible token with no metadata or image on the Ripple XRPL NFT marketplace is a light sign of an NFT obsession among investors this new year.

On January 23, Wietse Wind, the lead developer at XRPL Labs, shared a surprising story of a strange incident involving an investor purchasing an NFT with no metadata or image on Ripple XRP Ledger.

How Did The Incident Happen?

According to Wind, he was experimenting with an NFT tool on XRPL and created a “blank” token with no distinctive features. The purpose of the blank NFT was to test some functions of XUMM, a popular non-custodial wallet for XRP and tokens on XRP Ledger.

Moreover, Ripple intended to evaluate its burning mechanism of NFTs on the XRPL network. Unfortunately, an NFT investor accidentally purchased the NFT in question immediately after it appeared visible on the marketplace.

Based on on-chain data, the blank NFT transaction was most likely made by an automated NFT trading service “bot” that often scans XRP Ledger in search of suitable offers. The new owner is yet to move his NFT.

The incident has attracted heated debates within the crypto community, with the controversy surrounding whether the owner of the blank digital collectible with no metadata will be able to sell it for an impressive profit in the future.

Meanwhile, since the start of the year, the total sales of the trending NFT collections have already surpassed 7.3 million XRP in turnover. Last year, XRPL-based versions of Crypto Punks and Bored Apes Yacht Club (BAYC) collections generated the most NFT sales.

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