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XRP Ledger Smashes Big Milestone

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Mon, 30/10/2023 - 15:17
XRP Ledger Smashes Big Milestone
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The XRP Ledger has reached a significant milestone, this time in terms of the number of NFTs minted on the platform.

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Over three million NFTs have been minted on XRP Ledger, according to Bithomp statistics. Currently, 3,340,903 total NFTs have been minted with the XLS-20 standard.

A total of 2,994,775 NFTs currently exist, with 30,966 owners. Total issuers are now 5,828, while 347,361 NFTs have been burned. NFT transfers stood at 1,403,697.

NFTs are incorporated into the XRPL core protocol and, unlike issued currencies (also known as native tokens), do not require smart contracts for creation or transfer.

In October 2022, NFTs were standardized by XLS-20, delivering benefits such as royalties and anti-spam measures.

XRP Ledger saw NFT growth last quarter

On-chain analytics firm Messari released a Q3 report for XRP over the weekend detailing the progress and milestones accomplished in the previous quarter.

XRPL experienced a 390% increase in DEX volumes, with much of this activity coming shortly after the landmark Ripple ruling in July. XRP's market cap increased by 59.9% year-to-date in the third quarter.

Not only did the measures for these sectors increase, but so did the NFT sector. With 4.4 million XRP in sales volume, XPUNKS remains the all-time leader in NFT sales volume.

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The average daily NFT transaction climbed 7.3% in the last quarter to 16,700. NFTokenBurn was the fastest-growing transaction type, increasing 135.7% quarterly to 1,700. For the second straight quarter, NFTokenMints increased by 13.1% to 6,300 per day in Q3.

Other NFT transaction categories, such as NFTokenCreateOffer, NFTokenAcceptOffer and NFTokenCancelOffer, fell 7.0%, 7.4% and 2.0%, respectively, QoQ.

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