XRP Ledger closes its 82 millionth ledger, showcasing significant growth and evolutionary development with the introduction of native NFTs.
- XRP Ledger reached a significant milestone, successfully closing its 82 millionth ledger, illustrating continuous growth and development.
- The XLS-20 update introduced native non-fungible tokens (NFTs) to XRPL, marking a pivotal moment in its evolution.
- Since the XLS-20 launch, there has been substantial growth in NFT activity on the XRP Ledger.
- The surge in NFT activity positions the XRP Ledger as a formidable competitor to Ethereum.
The launch of XLS-20 in October 2022 represented a significant advancement for the XRP Ledger, enabling users to create, own, and trade NFTs directly on the platform. The update introduced operations for the enumeration, transfer, and management of unique assets and streamlined the launch process for NFTs, offering features like automatic royalties, minting, and burning.
The XLS-20 was launched less than a year ago, so far:
1,979,666 NFTs minted
29,040 accounts own 1,652,308 NFTs
1,279,900 NFT were transferred/sold
352,295 NFTs were sold for XRP in a one-step transaction (US$12,818,839)
111,140 NFTs were sold for tokens in a…
— Bithomp (@bithomp) September 20, 2023
Explosion of NFT Activity
Bithomp statistics reveal that 1,983,544 NFTs have been minted since the XLS-20 launch, with 29,584 accounts currently holding 1,655,534 NFTs. 1,283,546 NFTs have been transferred or sold. This remarkable growth was highlighted in a celebration of “NFT Day,” with data showing 352,295 NFTs, worth $12,818,839, being sold for XRP in a single-step transaction. An additional 111,140 NFTs were sold for tokens in another transaction.
XRPL Poised as an Ethereum Rival
With the notable increase in NFT transactions, on-chain analytics firm Messari acknowledged the XRP Ledger as a strong Ethereum competitor in their Q2 report, indicating that this could lead to accelerated XRP adoption. NFTs on the XRPL have experienced substantial quarter-over-quarter growth, one of the few measures of network activity that have seen such expansion.
Closing its 82 millionth ledger, the XRP Ledger has experienced transformative growth with the introduction of native NFTs through the XLS-20 update, positioning itself as a significant entity in the NFT space and a potent rival to Ethereum. The integration and subsequent rapid expansion of NFTs on the platform signify the evolving nature of the XRP Ledger and its potential for heightened adoption in the blockchain and cryptocurrency realms.