NFT Trading on XRPL Gaining Popularity

Network activity on Ripple’s XRP Ledger (XRPL) soared to new heights in the first quarter and was largely driven by immutable tokens (NFTs), according to a Q1 market report. According to the report, more than 1 million NFTs have been created on Ledger since the blockchain enabled support for these digital assets in November 2022.

NFT trading on XRPL is gaining popularity. Tomohiko Kondo, Managing Director of SBI VC Trade, confirmed this and added that Ledger is among the top 10 chains for NFT volume and transactions. According to 3zy data, more than 2000 NFT collections on XRPL have a total volume of more than 22 million. The data is from the best collections on the net such as XPUNKS, Bored Apes, XRP Clubs, XPECTAR etc. shows that. Bithomp data confirmed 3zy’s data.

According to the report, transactions in XRPL rose 9% to 116 million in the first quarter, while decentralized exchange volume rose 34% to $115 million. Meanwhile, traders on the network burned 140,900 units of assets as transaction fees, with average transaction fees on the network remaining negligible at 0.00121XRP. Average daily volume of XRP on centralized exchanges increased by 46% between the fourth quarter of 2022 and the first quarter of 2023, from $698 million to $1 billion.

According to the report, Ripple purchased around $2.6 billion in XRP coin in the first quarter. However, the company reported that it has sold $2.93 billion in XRP to its customers using the On-Demand Liquidity (ODL) payment system. This means that the company posted positive net sales of $361.06 million, up from $226.31 million in the prior quarter. Meanwhile, the crypto company halted purchases of XRP for several days due to the US banking crisis in March. The company added that purchasing activity has resumed and it expects to continue acquisitions as ODL adoption increases.