The efficiency and throughput of NFT transactions have been tested extensively on Ripple Labs’ ledger, an American blockchain and money transfer network.
The San Francisco-based blockchain company ran a number of tests on its ledger on July 6, 2022, to determine the throughput for NFT transactions. In addition to the 70.6 million existing accounts, Ripple added over one million new accounts to its network.
20 million NFTs were used during the network test by the Ripple developers, who recorded offers and acceptance as transactions on the XRP network. Surprisingly, the Ripple ledger handled the workload and maintained a functional rate of 751 transactions per second (TPS).
Additionally, the throughput was relatively higher for XRP payments and non-fungible token (NFT) transactions, accounting for 1064 per second, while NFT minting accounted for 384 per second, or almost half of the transactions. 2,199 transactions per second were generated by 20,000 accounts using XRP payments.
The network development division of Ripple commented on the test’s outcome and expressed confidence in XRP Ledger’s capability to support the XLS-20 standard for non-fungible tokens (NFTs).
Market Health on Ripple
The Ripple network continues to thrive in addition to its impressive throughput rate, with its unique addresses now exceeding 200,000. An analyst from the computer intelligence company Santiment claims that XRP outperformed the majority of altcoins last week.
Surprisingly, for the first time since February 2020, the number of unique addresses interacting on the altcoin’s blockchain has exploded to more than 200,000. Additionally, compared to its rival altcoins, Ripple has the most active addresses for the first time in 2.5 years.
The analyst pointed out that despite the current bearish market, the price of XRP has also increased significantly. The Analyst advised investors to sell their holdings at $0.38, claiming that by locating a demand zone, the XRP price could be kept from falling further.
