The XRP Ledger has achieved a gigantic feat. It has now minted more than 3 million NFTs using the revolutionary XLS-20 standard. This is a big leap in the NFT landscape, more than just numbers; it’s a testament to the capabilities of Ripple’s XRP Ledger.
The latest data from Bithomp paints a fascinating picture of the XLS-20 NFT revolution. A total of 3,357,404 NFTs have already been created. This has further expanded the NFT universe to 2,994,775 unique tokens, owned by 30,972 individuals. 347,429 digital assets have met their end through the burn process with 5,831 NFT issuers in the XRP Ledger ecosystem.
What is the XRP ledger?
There’s a thriving NFT marketplace on the XRP Ledger. About 1,403,970 NFT transfers and 92,860 NFTs are waiting to find new homes in exchange for its native token, XRP. This growth is remarkable when one considers that the it been in operational for over a decade.
It was a game-changing moment when the XLS-20 standard was introduced in October 2022. The standard bas empowered the creation of native NFTs on the XRP Ledger. They have revolutionised the representation, transfer, and ownership of such unique digital assets. The XRP Ledger’s NFT ecosystem surged forward with features like royalties and anti-spam measures,.
How is the XRP ledger platform performing ?
As per on-chain analytics firm Messari, XRPL’s average daily NFT transactions increased by 7.3% Q-o-Q, reaching an impressive 16,700. On the other hand, NFTokenBurn transactions saw a substantial 135.7% growth, with 1,700 daily transactions. And NFTokenMints continued to rise by 13.1% in Q3 to reach 6,300 daily transactions.
However, not all NFT transaction types experienced growth. NFTokenCreateOffer, NFTokenAcceptOffer, and NFTokenCancelOffer respectively declined Q-o-Q by 7.0%, 7.4%, and 2.0%. Despite these fluctuations, NFTokenMint emerged as a dominant force, because projects like XNS and XRP Family NFT.
By the end of Q3, the XRP Ledger proudly minted 3 million NFTs using the XLS-20 standard. The “XPUNKS” NFT collection was the star of the show. It racked up an impressive 4.4 million XRP in sales.
Troubles for the NFT sector
The craze around NFTs has been fading, with reports of a significant drop in NFT values. Recent data indicates a staggering 95% decline in the overall value of NFTs. Once hailed as the future of digital art and collectibles, sharp decrease market worth is raising questions.