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Six Months on Mainnet: The Growth of NFTs and Tokenization on the XRP Ledger

It’s been six months since XLS-20 went live on mainnet, bringing native NFT functionality to the XRP Ledger. And since the amendment was proposed, voted on and approved by the validator community, the XRP Ledger developer and creator ecosystem has been thriving with new projects, use cases and collections coming to life on the XRPL.

Since mainnet launch, over 1.3M NFTs have been minted and over 740k offers to buy NFTs accepted, making the XRP Ledger among the top 10 blockchains for NFT sales volume and transactions. The top 3 natively built marketplaces by XRP volumeβ€”OnXRP, Sologenic, and xrp.cafeβ€”account for over 80% of total NFT transactions on the Ledger. In addition, there are over 5,000 total issuers and hundreds of NFT collections spanning use cases from events and ticketing; to music and IP access rights; to metaverse and loyalty rewards; to real estate and beyond. The top three NFT collections by total lifetime sales volume (including IOUs) are XPUNKS, Bored Apes XRP and The Bearable Bulls.

Tokenization Infrastructure and Tooling

In addition to NFT projects, infrastructure apps and tools are being developed on the XRPL to bring additional resources and support to the developer community. This includes capabilities like:

  • XUMM: A non-custodial wallet that allows users to interact with the XRPL, third party tools, multiple accounts and tokens while keeping private keys safe and secure. The XUMM platform enables developer and community interaction, as well as multiple retail payments use cases like micropayments, loyalty points, and more.

  • Bithomp: A go-to block explorer for the XRPL developer community. Bithomp has a robust interface for NFT owners to visualize and browse NFT data on the XRPL.

  • Supermojo: Partners with creators, marketplaces and brands to enable easy payments, minting and secure wallet storage.

  • XRPSCAN: A leading block explorer for the XRPL, providing advanced metrics, search, account summary, and amendment data and updates for the developer community.

  • GemWallet: A crypto wallet and web extension that enables fast, secure payments on the XRP Ledger, with an upcoming release to provide NFT support.

Tokenized Real World Assets Coming to XRPL

Going beyond art and collectibles, the community is constantly unlocking new use cases for the real-world utility of NFTs and tokenization. Among those includes the tokenization of real world assets (RWAs) like digital currencies, real estate, financial assets, identity, and more.

With proper regulatory approvals and licensing in place, developers, startups and entrepreneurs can build businesses around tokenized assets leveraging the power of the XRP Ledger. A few upcoming and recently launched integrations for tokenized RWAs include:

  • Sologenic: Provides a global platform for on-demand tokenization of digital securities, including stocks, ETFs and commodities. Users can access the Sologenic DEX, NFT marketplace, or tokenize and trade assets with both traditional financial and crypto markets.

  • STASIS: Issues the world’s largest euro-backed stablecoin and integrates with the XRPL to provide easy on/off ramps for developers, institutions and consumers.

  • Fractal ID: Digital identity technology that enables compliance processes like KYC and AML. Their integration with the XRPL will enable participants in the ecosystem to onboard and move seamlessly across dApps, leading to a better experience for all developers and their end users.

  • Stably: Web3 payment infrastructure provider that issues its USDS stablecoin on the XRPL. Stably enables individuals and businesses from 200+ countries to mint and redeem USDS on the XRPL.

  • Thallo: A web3 climate startup that is building a blockchain-based marketplace for voluntary carbon credits on the XRPL, connecting carbon credits buyers and sellers. Thallo is democratizing and providing access to tokenized carbon credits to help companies achieve sustainability targets.

Get Started with your Next Tokenization Project

With pre-programmed NFT functionalities, built-in royalties, and no smart contracts, developers and creators of all levels can benefit from the XRP Ledger’s high speed, low gas fees, security and stabilityβ€”all of which make minting and burning NFTs and other tokenized assets on the XRPL easy and frictionless.

By leveraging open-source repos on Github, the XRP Ledger Learning Portal, updated documentation and community programs like XRPL Grants, Accelerator and Bounties, new projects and use cases for tokenization, web3 and finance are coming to life on the XRPL.

Get started coding in the languages you already know, or join the XRPL developer discord for future updates and to connect with the community.

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