As per a recent XPMarket report, XRPL’s NFT market witnessed an extraordinary surge in June 2023. Surprisingly, most of these significant developments unfolded within the XRPL-based NFT arena, an area that had been largely underestimated thus far.
XPMarket Records Remarkable Growth in XRP-Backed NFT Markets
According to statistics shared by XPMarket representatives on their social media channels, the total trading volume of NFTs on the XRP Ledger experienced a massive 40.7% surge in just the past 30 days.
Additionally, the number of NFTs increased from 1,228,309 in May to 1,371,624 in June, demonstrating growth of 11.7%. However, the number of transactions also witnessed an upswing, rising from 102,823 in May to 114,045 in June, marking a growth of 10.9%. These metrics reflect the increasing activity and engagement within the XRPL NFT market.
This surge signifies a growing interest in and adoption of NFTs within the XRPL ecosystem. NFTs, unique digital assets representing ownership or proof of authenticity, have gained significant traction in various industries, including art, music, and gaming.
XPMarket analysts and researchers anticipate even more remarkable announcements for XRPL-based NFTs. As the current trends suggest that the XRPL NFT market will continue to expand in terms of volume and activity.
Rapid Surge in Trading Volume, Transactions, and Fees on XRPL’s NFT Scene
Interestingly, the average price of an XRP-based NFT witnessed a notable increase, rising from 18 XRP in May to over 23 XRP in June. Moreover, issuer fees experienced a significant spike, averaging 1.23 XRP in June after a staggering 55.4% surge.
Another remarkable milestone recorded by XPMarket analysts is the cumulative revenue of creators surpassing the $1 million mark last week, highlighting the successful contributions of XRPL NFT creators.
The XRPL blockchain has unique standards for non-fungible tokens. With its distinct path, separate from Ethereum or Polygon’s NFTs due to the blockchain’s inherent lack of programmability, the progress of NFTs on XRPL continues to capture attention and showcase remarkable growth.
This significant surge in XRPL NFTs reflects the ever-expanding reach of NFTs as a form of digital expression and investment. Artists, creators, and collectors are actively participating in this emerging market, leveraging the unique features and benefits of NFTs.
