The XRP Ledger (XRPL) has recently achieved a significant milestone, reaching new heights in terms of the number of non-fungible tokens (NFTs) minted on its platform. This achievement highlights the growing popularity and adoption of the XRP ledger as a thriving ecosystem for NFTs. In this article, we will delve into the details of this milestone, explore the implications for the XRP ecosystem, and discuss the potential benefits of this growth.
XRP Ledger’s NFT Milestone
According to Bithomp statistics, over three million NFTs have been minted on the XRP Ledger, utilizing the XLS-20 standard. This standard has enabled the creation and transfer of NFTs without the need for smart contracts, unlike native tokens. Currently, there are 2,994,775 existing NFTs on the XRP Ledger, owned by 30,966 individuals. The total number of issuers stands at 5,828, and 347,361 NFTs have been burned. Additionally, there have been 1,403,697 NFT transfers on the platform.
Standardization of NFTs on XRPL
In October 2022, the XRP Ledger took a significant step forward by standardizing NFTs through the XLS-20 protocol. This standardization brought several benefits, including the introduction of royalties and anti-spam measures. By implementing a standardized approach, the XRP Ledger has further solidified its position as a leading platform for NFT creation and exchange.
XRP Ledger’s Q3 Growth and Achievements
The previous quarter witnessed remarkable growth and achievements for the XRP Ledger. According to on-chain analytics firm Messari’s Q3 report, the decentralized exchange (DEX) volumes on XRPL experienced a staggering 390% increase. This surge in activity can be attributed to the landmark Ripple ruling in July, which brought renewed attention to the XRP ecosystem. Furthermore, the market cap of XRP increased by 59.9% year-to-date during the third quarter, demonstrating the growing investor interest in the digital asset.
NFT Sector’s Growth on XRPL
Alongside the overall growth of the XRP ledger, the NFT sector also experienced significant expansion. One notable example is the NFT collection called XPUNKS, which remains the all-time leader in terms of NFT sales volume on the XRP Ledger, with 4.4 million XRP in sales. This impressive figure highlights the demand for unique and collectible digital assets within the XRP ecosystem.
Daily NFT Transactions and Transaction Types
The average daily NFT transaction on the XRP Ledger increased by 7.3% in the last quarter, reaching 16,700 transactions. Among the various transaction types, NFTokenBurn recorded the highest growth, increasing by 135.7% quarterly to 1,700 transactions per day in Q3. On the other hand, transaction types such as NFTokenCreateOffer, NFTokenAcceptOffer, and NFTokenCancelOffer experienced slight decreases of 7.0%, 7.4%, and 2.0%, respectively, compared to the previous quarter.
Conclusion
The XRP Ledger’s milestone achievement of minting over three million NFTs is a testament to its growing influence and prominence in the crypto industry. With the standardization of NFTs through the XLS-20 protocol and the significant growth in the NFT sector, the XRP Ledger has positioned itself as a leading platform for digital asset creation and exchange. As the ecosystem continues to expand, the potential benefits for creators, investors, and the overall XRP community are substantial. The future of XRPL and its role in the crypto industry looks promising, with further advancements and milestones on the horizon.
