XPMarket’s infrastructure platform and analytics tool saw a number of XRP Ledger parameters skyrocketing during the last seven days. Nearly all of these unexpected rallies took place in the NFT scene, which is currently the most underappreciated area of XRPL-based dApps.
XPMarket registers impressive growth of all metrics regarding XRP-backed NFT markets
On June 5, 2023, XPMarket officials posted figures on their social media accounts revealing that the entire trading volume of NFTs on the XRP Ledger had increased by a staggering 40.7% in just the previous 30 days. At the same time, the quantity of NFTs grew by 11.7% from 1,228,309 in May to 1,371,624 in June.
There were 114,045 transactions in June as opposed to 102,823 in May. Nevertheless, the category saw a gain of 10.9%.
It should also be highlighted that the most significant announcements for NFTs on the XRP Ledger are still to come, according to experts and researchers at XPMarket:
The volume and activity of the XRPL NFT market are anticipated to increase in the future given the existing trends. To determine how increased issuer and broker fees are affecting market activity, however, thorough monitoring is necessary. New players are anticipated to continue to enter the market as NFTs’ rising value continues to fuel its expansion.
One XRP-based NFT now costs on average over 23 XRP, up from 18 XRP in May. The issuer fees, on the other hand, increased more dramatically than any other indicators, averaging 1.23 XRP in June following a staggering 55.4% surge.
XRPL NFT creators scored first $1 million on fees
By examining the cumulative revenue of creators, XPMarket researchers achieved yet another significant feat. It passed the $1 million milestone last week.
As previously reported by U.Today, XRP Ledger has its own requirements for non-fungible coins. Due to the blockchain’s inherent lack of programmability, NFT development on them follows a different trajectory than that of NFTs on Ethereum or Polygon.
The NFT sector of the XRP Ledger environment is taking shape thanks to ideas like XLS-20 and others.
