XRP dominates NFT volumes with impressive gains

The realm of NFTs (Non-Fungible Tokens) has recently emerged as fertile ground for the XRP Ledger (XRPL), and the statistics speak for themselves. NFT transactions have become a standout area of growth, demonstrating XRP’s prowess in this domain. Remarkably, among various network activity metrics, total NFT transactions are one of the few that have exhibited quarter-over-quarter growth in the previous quarter.

What sets XRPL apart in the NFT space is its unique approach to tokenization. Unlike native tokens, NFTs on XRPL are seamlessly integrated into the core protocol, eliminating the need for smart contracts for their creation or transfer. This distinctive feature was standardized through XLS-20 in October 2022, introducing benefits such as royalties and anti-spam measures. These innovations not only empower users to steer clear of undesirable tokens but also ensure compliance with regulations.

On the XRPL mainnet, a surge in various NFT transaction types underscores the growing interest in this arena. Virtually all NFT transaction categories have witnessed an uptick, culminating in a notable quarter-over-quarter increase in the average daily total of NFT transactions.

One noteworthy partnership that contributed to this surge in NFT activity was the collaboration between the renowned motorbike manufacturer, Ducati, and XRP Ledger. In July, Ducati unveiled its NFT collectibles in conjunction with XRPL. Ripple, as Ducati’s blockchain partner, has been instrumental in deploying upcoming Ducati initiatives on the XRP Ledger (XRPL) blockchain, providing vital technical support.

The appetite for NFTs remains fervent, with XRP seizing the limelight by registering the most substantial surge in daily NFT volumes. Data sourced from StockTwits, as shared by RippleX, reveals that XRP witnessed a staggering 166% increase in 24-hour NFT volumes. This impressive performance outpaces major blockchain platforms like Ethereum, Polygon, and Cardano, which experienced declines of 23%, 45%, and 14%, respectively, in their 24-hour NFT volumes.

In a tweet, StockTwits highlighted XRP as the standout gainer, giving credit to Zerpmon, a digital collectible platform built on XRPL, for its significant role in this achievement.

The momentum in XRP Ledger’s NFT activity shows no signs of abating. According to Bithomp Explorer, a total of 1,974,319 NFTs have been minted using the XLS-20 standard. Out of these, 1,648,816 NFTs are currently in circulation, while 325,513 NFTs have been burned. The number of total issuers has now climbed to 5,585.

XRP’s impressive gains in the NFT realm underscore its growing influence and appeal in the blockchain ecosystem. As the NFT market continues to evolve, XRPL remains at the forefront of innovation and adoption, exemplifying its commitment to pushing the boundaries of what blockchain technology can achieve.