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What is xShroom? Exciting NFT Project on XRPL
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
Like Bitcoin, non-fungible tokens (NFTs) are cryptographic assets that run on blockchain technology. They’re often unique and valuable and have since exploded in popularity. xShroom, an NFT project, has grown exponentially, becoming one of the hottest NFT projects based on the versatile XRP ledger (XRPL).
This article explores xShroom, its innovative compatibility with the XRP ledger, and why this NFT project is becoming so popular.
What is xShroom?
xShroom is a Non-Fungible Token (NFT) project based on the XRP ledger (XRPL). With 10,000 unique NFTs, each xShroom is customised with different rarity levels, basics, colours, and attributes.
xShroom DNA
In terms of physical or abstract traits, DNA is thought to be what links two people. This also applies to this NFT Project. As earlier stated, xShroom has a limit of 10,000 NFTs. Each token embeds vastly unique DNA. xShrooms DNAs range from unbitten DNA to bitten DNA.
The top-head shape is the difference between the ‘Unbitten and Bitten’ xShrooms DNA. Unbitten xShrooms have a round head shape with different colours, designs, and costumes. In addition, the Bitten xShrooms’ round head shape appears slightly bitten, similar to the Apple company brand logo. Roughly 5,000 of all the xShroom will be minted with ‘unbitten’ DNA, and the other 5,000 will be minted with ‘bitten’ DNA.
Rarity and Custom Levels
xShroom rarity refers to how scarce a specific collectible is, depending on its DNA/traits. These traits often include physical features, like the colour, costume, and design, or arbitrary influences, such as the project’s reputation or the artist’s alignment.
Rarity is arguably the most important factor in NFT valuation; just like other NFT projects, xShroom has its rarity levels. There are seven xShroom rarity levels. Here is a table that shows the project’s rarity levels and their attributes:
The rarer an xShroom is, the higher its value will be. Also, the customised NFTs that are randomly limited and shared as rewards to special Shroomheads will not affect the limited 10,000 redeemable xShrooms available.
xShroom Community
xShroom has one of the most active NFT communities online. The xShroom community members have witnessed over three airdrop phases, with approximately 2,500 tokens airdropped.
When asked what gave the community real traction, Jesse, AKA Jebzie (Web3 artist and one of the creators of xShroom – Lava labs), said Twitter played a major role. He just needed to tweet, post more on Discord, and reach out to top communities.
xShroom remains aligned to creating an online community that benefits creators and consumers through Art. Presently, xShroom is looking to work with physical and online galleries to create ODI (Online Digital Identities). The integration of ODI will allow xShroom community members to protect their identities and simultaneously express themselves in the most creative way possible.
Supported Wallet
Currently, Zone wallet is the only supported wallet on the XRP Ledger for xShroom and other projects launched on its platform.
Buy, sell and hold xShroom tokens
Each xShroom NFT minted will cost 0.5 xShroom tokens once the NFTs are being minted. You can buy xShroom tokens on the Sologenic cryptocurrency exchange and NFT marketplace by trading XRP tokens against xShroom tokens.
The best way to do this is via connecting a Solo DEX compatible wallet. XUMM wallet, a XRPL compatible app wallet, is a good place to start since it also allows you to store xShroom tokens once you acquired them.
Further, Ledger devices, D’Cent and SOLO DEX wallets are supported at this stage.
NFT on XRP
Non-fungible tokens (NFTs) were designed to advance the financial status of creators and the digital art industry while inspiring new business models.
The rise of the metaverse has also pushed the adoption of NFTs by both retail and institutional investors, demonstrating the high value of these assets for social media platforms and renowned brands alike.
While NFT sales continue to soar, the Ethereum blockchain appears to rule the space. The Ethereum blockchain is home to over 90% of the NFT market sector, including collectibles and games. Although Ethereum is dominating the market, there are significant competitors. Ripple, the blockchain payments firm, appears to be one, leveraging the XRP Ledger to provide a fast, secure and cheap network option.
Ripple recently announced a major investment in the NFT marketplace which would allow the platform to sync with the XRP Ledger (XRPL) to allow creators to seamlessly, securely, and efficiently mint (create), buy, sell, hold, and burn their own generated NFTs.
The XRP ledger provides a technical and supportive hub vital for artists, film producers, musicians, and all types of creators to engage with their communities through NFTs. Creators can bring their artistic imaginations to reality on an ultra-fast, low-cost platform like the XRP ledger.
In addition, last September, Ripple launched a fund called ‘Ripple’s Creator Fund’, with a $250M commitment to efficiently support creators to bring their NFT projects to the market on the ledger. This fund will also help foster new tokenisation innovations and focus on new NFT projects. A major example of a project that has benefited from this is the xShroom NFT project.
Conclusion
With the revolutionary incorporation of the metaverse, NFTs are likely to appreciate as a valuable component, which will in turn make community-driven project such as xShroom benefit.
xShroom is especially well-positioned, being built on the powerful XRP Ledger and having not only a strong community behind them, but also popular and influential people of the crypto space.
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