- XRP Ledger celebrates over 82 million ledgers closed and anticipates another significant NFT milestone soon.
- XLS-20’s introduction to XRPL has transformed the non-fungible token space, boasting over 1.9 million NFTs minted in less than a year.
The NFT Evolution in XRP Ledger
XRP Ledger (XRPL) has achieved an impressive milestone, successfully closing over 82 million ledgers. But the bigger story lies in its non-fungible token (NFT) sector. Less than a year after its October 2022 introduction, the XLS-20 protocol has revolutionized the XRPL’s NFT capabilities, making it a force to be reckoned with against its primary rival, Ethereum.
🚀 The XRP Ledger and #Ripple have just achieved an INCREDIBLE milestone! 🎉
📊 With over 82 million ledgers successfully closed, the XRPL continues to make history. But that's not all! It's also inching closer to another major achievement.
🚀 In just under a year since its… pic.twitter.com/vaUclbFPM3
— Collin Brown (@CollinBrownXRP) September 21, 2023
What Makes XLS-20 So Special?
The inclusion of XLS-20 has brought about a new era in the NFT domain for the XRPL. This feature facilitates:
- Native NFTs: Allowing assets to stand unique, much like the traditional non-fungible tokens we’ve come to recognize.
- Automated Royalties: A game-changer in the NFT world, it ensures automatic handling of royalties.
- Minting and Burning: Offering the capability to effortlessly create and eradicate NFTs as required.
- DEX Integration: With XRPL’s intrinsic DEX, the NFT transactions are more streamlined than ever.
These advancements have led to an NFT activity explosion. In the few months since XLS-20’s initiation, XRPL has seen:
- Over 1.9 million NFTs created.
- Nearly 30,000 accounts possessing around 1.6 million NFTs.
- Transfers and sales exceeding 1.2 million NFTs.
- One-step transactions achieving sales worth an astonishing $12.8 million.
Such metrics, particularly the rise in NFT activity, suggest that XRPL is staking its claim as a robust challenger to Ethereum.
Data Speaks Louder Than Words
Bithomp’s recent statistics, released in celebration of “NFT Day,” mirror these findings. Their data revealed that since XLS-20’s introduction, a staggering 1,983,544 NFTs have been minted. They further reported that 352,295 NFTs, valued at $12,818,839, were sold for XRP in single-step transactions.
Messari, an authoritative on-chain analytics enterprise, pinpointed the NFT transactions as a significant growth indicator. With XRPL‘s progress in the NFT sector, it isn’t far-fetched to consider that XRPL might soon overshadow Ethereum, potentially leading to an increased adoption of XRP.
Amidst these groundbreaking achievements, the cryptocurrency community awaits with bated breath. Will XRPL‘s momentum continue to challenge Ethereum’s dominance? Only time will tell.
