Ripple’s XRPL Sees Surge in NFT Activity and Network Transactions in Q1 2023
The Q1 market report of Ripple's XRP Ledger (XRPL) indicates a surge in network activity, with non-fungible tokens (NFTs) being the driving force.
Since November 2022, over 1 million NFTs have been created on the network, contributing to its rank among the top 10 chains for NFT transactions and volume, per SBI VC Trade’s Managing Director Tomohiko Kondo.
Over 2,000 NFT collections, such as XPUNKS and Bored Apes, exist on XRPL, accumulating over 22 million in cumulative volume.
XRPL saw a 9% increase in transactions to 116 million and a 34% increase in decentralized exchange volumes to $115 million during Q1.
In the same period, traders on the network burned 140,900 units of the asset for transaction fees.
Ripple expects the SEC case against the company to receive a summary judgment before 2023 ends, although there is no specific determination date yet.