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Ripple’s XRPL Sees Surge in NFT Activity and Network Transactions in Q1 2023

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.

While Ripple purchased $2.6 billion worth of XRP coins, it sold $2.93 billion to its customers using the “On-Demand Liquidity” payment system, resulting in a positive net sale of $361.06 million.

READ MORE: Is Bitcoin the Safe Haven in the US Banking Crisis?

Ripple expects the SEC case against the company to receive a summary judgment before 2023 ends, although there is no specific determination date yet.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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