During the last seven days, XPMarket infrastructure platform and analytics tool registered a number of metrics rocketing on XRP Ledger. Almost all of these surprising rallies happened on the NFT scene, the most underestimated sphere of XRPL-based dApps so far.
XPMarket registers impressive growth of all metrics regarding XRP-backed NFT markets
According to statistics shared by XPMarket representatives on their social media channels on June 5, 2023, the total trading volume of NFTs on XRP Ledger jumped by a massive 40.7% in the last 30 days only. At the same time, the number of NFTs increased from 1,228,309 in May to 1,371,624 in June, demonstrating a growth of 11.7%.
🚀 Wow, the XRPL NFT market had a thrilling June! 🎉 Trading volumes soared to $1.05M, up a whopping 40.7% from May. Looks like more people are hopping on the NFT train! 🚂— xpmarket® (@xpmarket) July 5, 2023
💡 And, guess what? The number of NFTs grew by 11.7% to 1.37M! The market's buzzing, with transactions up… pic.twitter.com/J58o9XUZyW
The number of transactions also increased from 102,823 in May to 114,045 in June. That said, the segment witnessed an increase of 10.9%.
It should also be noted that XPMarket's analysts and researchers are certain that the most impressive announcements are yet to come for NFTs on XRP Ledger:
Given the current trends, it is expected that the XRPL NFT market will continue to grow in volume and activity. However, close monitoring is needed to assess the impact of rising issuer and broker fees on market activity. The increasing value of NFTs is likely to continue to attract new participants to the market, further contributing to its growth
The average price of one XRP-based NFT increased from 18 XRP in May to over 23 XRP in June. Meanwhile, the issuer fees spiked more impressively than all other metrics: they averaged 1.23 XRP in June after a whopping 55.4% increase.
XRPL NFT creators scored first $1 million on fees
One more landmark accomplishment was registered by XPMarket analysts, who studied the cumulative revenue of creators. Last week, it smashed through the $1 million milestone.
As covered by U.Today previously, XRP Ledger has its own standards for non-fungible tokens. As the blockchain lacks programmability by default, the progress of NFTs on them has its own path, different from that of Ethereum or Polygon's NFTs.
XLS-20 and related proposals are shaping the NFT segment for the XRP Ledger scene.