NFT transactions have remained a prominent growth area for XRP Ledger (XRPL) as of late. The total number of NFT transactions was one of the few network activity metrics to grow quarter-over-quarter in the previous quarter.
NFTs are included in the XRPL core protocol and, unlike issued currencies (also known as native tokens), do not require smart contracts for creation or transfer. NFTs were standardized by XLS-20 in October 2022, introducing perks such as royalties and anti-spam features that help users avoid unwanted tokens but also stay compliant.
On XRPL’s mainnet, increased activity in various NFT transaction types reflected a focus on this area. Notably, virtually all NFT transaction categories have increased, resulting in a QoQ increase in the average daily total of NFT transactions.
In July, Bologna-based motorcycle manufacturer Ducati announced its NFT collectibles in partnership with XRP Ledger (XRPL). Upcoming Ducati initiatives will be deployed with the help of Ripple, the company’s blockchain partner, which will provide technical support on the XRP Ledger (XRPL) blockchain.
Bullish heading into the weekend!
• XRP the biggest winner with @zerpmonxrp leading the way.
• @badkidsart makes $10,000 from volume on Stargaze.
• @CrazyGooseFlock with 15 sales on Algorand.
• @ExoWorldsNFT leading volume on vechain.
• The cows @wecowcow top MultiversX. pic.twitter.com/K7aUDNyLA3— Stocktwits NFTs (@StocktwitsNFTs) September 15, 2023
Interest in NFTs remains high, with XRP experiencing the largest spike in daily NFT volumes. According to StockTwits data shared by RippleX, XRP recorded the biggest increase in 24-hour NFT volumes, with a gain of almost 166%. XRP is outperforming major chains including Ethereum, Polygon and Cardano, which saw declines of 23%, 45% and 14% in 24-hour NFT volumes respectively.
In a tweet, StockTwits noted that XRP was the biggest gainer, with Zerpmon, a digital collecting platform based on XRPL, playing a major role.
XRP Ledger continues to see growth in its NFT business. According to Bithomp Explorer, a total of 1,974,319 NFTs have now been minted using the XLS-20 standard. A total of 1,648,816 NFTs currently exist, of which 325,513 NFTs have been burned. The total number of issuers now stands at 5,585.