HomeCrypto NewsNFT Trade Volume on XRP Ledger Surpasses 10M XRP

NFT Trade Volume on XRP Ledger Surpasses 10M XRP

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The feat was achieved barely two months after XRPL introduced support for NFTs.

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The XRP Ledger (XRPL) has recorded over 10M XRP ($3.5M+) in NFT trade volume barely two months after the introduction of XLS-20, which brought support for NFTs on the blockchain. This achievement underlines the growing adoption rate XRPL’s NFT scene is attracting.

The network has witnessed the sale of 69,448 NFTs cumulatively worth 10,240,249 XRP ($3.5M against prevailing rates), according to data from Bithomp, a blockchain explorer for the XRPL network. Bithomp highlighted the achievement in a tweet Friday. Since the tweet, nearly 200K XRP sales have been further recorded.

Recent data indicates that XPUNKS – a limited collection of 10K NFTs – has made the most sales for any issuer, with 982 sales valued at 2.4M XRP. Second on the list is Bored Apes XRP Club, the XRPL version of the Ethereum-based Bored Ape Yacht Club (BAYC) collection. The Bored Apes XRP Club has made up to 1,361 sales worth 1.5M XRP.

Furthermore, the biggest NFT marketplace on the blockchain remains onXRP, having handled the sale of 21,732 NFTs worth 7.4M XRP. xrp.cafe comes second, with 2,505 NFTs in sales count, valued at 445K XRP. 

Increased NFT Adoption on XRPL

Since the introduction of native NFT functionality on XRPL at the end of October, XRP proponents have leveraged the feature to mint, buy and sell their favorite NFTs, contributing to a surge in adoption. The Crypto Basic previously reported this spike on different occasions. On November 7, onXRP indexed up to 240K NFTs and 9K collections barely a week after the NFT functionality went live. 

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Shortly after that, Mintable, an Ethereum-based NFT marketplace, announced support for the XRP Ledger. The support would enable XRP proponents to mint, buy and sell NFTs on XRPL using Mintable’s robust tools. 

Furthermore, early this month, data from Bithomp revealed that users have minted over 460K NFTs on XRPL in just a month, with 412K NFTs in circulation. The data disclosed 269K NFT transfers, with up to 10K NFT owners on the network.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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