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XRP Leads With Highest Gains in Daily NFT Volumes: Details

Sat, 09/16/2023 - 11:47
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Tomiwabold Olajide
XRP Ledger continues to see growth in its NFT activity
XRP Leads With Highest Gains in Daily NFT Volumes: Details
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NFT transactions have recently remained a prominent area of growth for XRP Ledger (XRPL). Total NFT transactions were one of the few network activity metrics to grow QoQ in the previous quarter.

NFTs are incorporated into the XRPL core protocol and, unlike issued currencies (also known as native tokens), do not require smart contracts for creation or transfer. NFTs were standardized by XLS-20 in October 2022, introducing perks such as royalties and anti-spam features that help users avoid undesirable tokens but also stay compliant.

On the mainnet of XRPL, increased activity in various NFT transaction types reflected a focus on this area. Notably, nearly all NFT transaction categories increased, resulting in a QoQ increase in average daily total NFT transactions.

XRP Ledger Set to Gain New NFT Amendments, Here's More

In July, the Bologna-based motorbike manufacturer Ducati announced its NFT collectibles in collaboration with XRP Ledger (XRPL). Upcoming Ducati initiatives will be deployed with the help of Ripple, the company's blockchain partner, who will provide technical support on the XRP Ledger (XRPL) blockchain.

The interest in NFTs remains high, with XRP experiencing the biggest spike in daily NFT volumes. According to StockTwits data shared by RippleX, XRP recorded the most increases in 24-hour NFT volumes, gaining nearly 166%. XRP outperforms major chains, including Ethereum, Polygon and Cardano, which saw decreases of 23%, 45% and 14% in 24-hour NFT volumes, respectively.

In a tweet, StockTwits noted that XRP was the greatest gainer, with Zerpmon, a digital collectible platform based on XRPL, playing a significant role.

XRP Ledger continues to see growth in its NFT activity. According to Bithomp Explorer, 1,974,319 total NFTs have now been minted with the XLS-20 standard. A total of 1,648,816 NFTs currently exist, with 325,513 NFTs burned. Total issuers are now 5,585.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.