HomeNewsRipple's XRPL NFT Market Creates Frenzy: Volume Jumps 73% with 57% Price...

Ripple’s XRPL NFT Market Creates Frenzy: Volume Jumps 73% with 57% Price Surge

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  • According to XPMarket, an analytical tool for the XRP Ledger ecosystem, there has been a remarkable 73% increase in NFTs on the XRPL in just the last week.
  • Simultaneously, XRPL-based NFT creators and brokers have witnessed a significant surge in revenues, with creators crossing the $1 million milestone in cumulative earnings.

In recent developments, XPMarket, a leading analytical platform for the XRP Ledger (XRPL) ecosystem, has reported a dramatic surge in various metrics related to XRPL-backed NFT markets. Most notably, there has been a whopping 73% increase in the total number of NFTs on the XRPL in the past week.

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This surge, mostly in the realm of XRPL-based NFTs, an underappreciated sphere of XRPL-based decentralized applications (dApps) until now, is causing ripples throughout the blockchain sphere. In addition to the impressive growth in NFT numbers, the average selling price of a token has also witnessed a significant spike of 57%.

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Revenues of those engaged in the XRPL NFT sector have seen substantial increases too. Fees for these NFT enthusiasts reached over $35,000 per week, providing clear evidence of a flourishing market. NFT creators themselves have seen their fees increase by 65%, while commissioners on various platforms have seen a revenue surge of 40%.

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Analysts and researchers at XPMarket are convinced that the most exciting announcements for NFTs on the XRP Ledger are still on the horizon. They stated,

“Sure, these numbers might seem small compared to other blockchains, but remember, we’re just at the starting line. This is just the warm-up – the main event is on the horizon!”

Marketplace teams have made over $300,000 trading NFTs in the last seven days alone, according to XPMarket’s research.

An equally significant achievement was noted by XPMarket analysts who studied the cumulative revenue of creators. In the past week, this revenue smashed through the $1 million milestone, highlighting the rapid growth of this sector.

The XRP Ledger has its own unique standards for non-fungible tokens, lacking default programmability like other blockchains such as Ethereum or Polygon. Consequently, the progression of NFTs on the XRPL follows a distinct trajectory, with current trends clearly demonstrating a positive direction. With proposals like XLS-20 shaping the NFT segment for the XRP Ledger, the future holds much promise for the continued expansion of NFTs on the XRPL.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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