XRPL Achieves Record Milestone, Emerging as a Strong Ethereum Competitor

Discover how the XRP Ledger has reached a monumental milestone and emerged as a strong competitor to Ethereum. Dive into the growth of NFT activity and its impact on XRP adoption.

Posted 8 months ago in Blockchain

Image: NFT artwork with a digital background

XRP Ledger has reached a significant milestone, solidifying its position as a formidable competitor to Ethereum. The ledger recently closed its record-breaking 82 millionth ledger, a monumental achievement. Additionally, with nearly two million NFTs on the XRPL, another major milestone is within reach.

The XLS-20, launched in October 2022, is a groundbreaking development for XRP Ledger. This standard introduced native non-fungible tokens (NFTs) to the XRPL, enabling users to create, own, and trade unique digital assets. The integration of NFT capabilities has led to substantial growth in the XRPL ecosystem.

The XLS-20 significantly simplifies the process of launching NFTs by incorporating features like automatic royalties, minting, and burning. Leveraging the ledger's built-in DEX, NFTs on the XRPL now come with automated royalty enforcement, ensuring standardized royalty collection.

According to Bithomp, since the launch of XLS-20, a staggering 1,983,544 NFTs have been minted. Currently, there are 29,584 accounts that collectively own 1,655,534 NFTs. Among these, 1,283,546 NFTs have been transferred or sold. In a single transaction, 352,295 NFTs worth $12,818,839 were sold for XRP, while 111,140 NFTs were sold for tokens.

The surge in NFT activity on the XRPL has positioned it as a worthy competitor to Ethereum. In the second quarter, total NFT transactions on the XRPL increased considerably, as reported by Messari, an on-chain analytics firm. This growth in NFT activity is likely to drive accelerated XRP adoption and further establish the XRPL as a leading blockchain platform.

Last updated 9/21/2023, 10:49:09 AM


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