The XRP Ledger (XRPL) has secured a place among the top 10 NFT blockchains just six months after NFT functionality came to the network.
The XRP Ledger welcomed native NFT functionality when the XLS-20 amendment went live on the network in late October 2022. Six months in, over 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 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, corroborates these claims of expansive growth. Data from the explorer suggests that the XRP Ledger has welcomed 1,409,434 (1.4 million) NFTs in six months, with up to 791,776 NFT transfers made on the chain.
Moreover, RippleX revealed that onXRP, Sologenic, and xrp.cafe represents the top 3 NFT marketplaces on the XRPL by market volume, collectively accounting for over 80% of the 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 previously reported by The Crypto Basic, the second-largest single NFT sale on the XRPL occurred last month and involved an XPUNK. The single largest was also an XPUNK.
In addition, total NFT sales volume has continued to skyrocket to impressive heights, as data suggests that up to 173,697 NFT sales have been made so far, leading to a total volume of $9.1 million. onXRP commands 49.71% of the total volume, amounting to $4.5 million.
According to the recent disclosure from RippleX, these issued NFT collections cater to real-world applications such as loyalty programs, real estate, music, and events & ticketing. The development team also noted that the community is carrying out more work to further advance and promote tokenization and the use of NFTs for real-world utility.
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.