NFT
The XRP Ledger (XRPL) has secured a place in the top 10 NFT blockchains just six months after NFT functionality hit the network.
The XRP Ledger welcomed native NFT functionality then the XLS-20 change went live on the network at the end of October 2022. Six months later, more than 1.4 million non-fungible tokens (NFTs) have been minted on the network, making it one of the top 10 NFT chains in the crypto scene.
RippleX, the development team behind the XRP Ledger, first drew attention to the achievement in a recent tweet as it sought to highlight the network’s progress in NFT adoption.
1/ XLS-20 went live on the mainnet six months ago, bringing native NFT functionality to the #XRPLedger. The developer and creator communities have been thriving with exciting projects, new use cases and collections coming to life on the #XRPL. https://t.co/tmmb2vo31t
— RippleX (@RippleXDev) May 15, 2023
Bithomp, an XRPL explorer, confirms these claims of expansive growth. Explorer data suggests that XRP Ledger has welcomed 1,409,434 (1.4 million) NFTs in six months, with up to 791,776 on-chain NFT transfers.
NFTs on XRPL
Additionally, RippleX revealed that onXRP, Sologenic, and xrp.cafe represent the top 3 NFT marketplaces on the XRPL by market volume, collectively accounting for more than 80% of total NFT transactions on the network.
Bithomp data also indicates that there are 4,615 NFT issuers on the XRP Ledger, with the top 3 in terms of sales volume being XPUNKS, Bored Apes XRP Club, and xSPECTAR. As before reported by The Crypto Basic, the second largest single NFT sale on the XRPL took place last month and involved an XPUNK. The largest was also an XPUNK.
In addition, the total NFT sales volume has continued to rise to impressive heights as data suggests that up to 173,697 NFT sales have been made to date, leading to a total volume of $9.1 million. onXRP controls 49.71% of the total volume, amounting to $4.5 million.
According to RippleX’s recent disclosure, these issued NFT collections are suitable for real-world applications such as loyalty programs, real estate, music and events, and ticket sales. The development team also noted that the community is doing more work to further promote and promote tokenization and the use of NFTs for real-world utility.