thecryptobasic.com
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.