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Over 460k NFTs Minted On XRP Ledger After Month Of NFT Functionality

source-logo  thecryptobasic.com 03 December 2022 10:31, UTC

NFT adoption on the XRPL is happening rapidly.

Users have minted over 460k NFTs on the XRP Ledger in the month since the XLS-20 amendment went live, ushering in native NFT functionality, according to data from popular XRPL explorer Bithomp at press time.

Bithomp data shows that XRPL users have minted 460,152 NFTs, burning 47,614 at the time of a screenshot by The Crypto Basic. Consequently, only about 412k NFTs exist out of the minted 460k.

Notably, there are about 2,310 NFT issuers with over 10k NFT owners. So far, the network has played host to over 269k NFT transfers.

A look at the top sales list shows domination by the XPUNKS collection, the XRPL’s response to the popular CryptoPunks collection. Four out of the top five NFT sales are XPUNKS. XPUNKS #8811 sits on top after selling for 108,900 XRP (~$42.7k) on November 25.

As previously reported, a week after the XLS-20 amendment went live, the network boasted about 240k NFTs from about 9000 collections. It bears mentioning that despite delays in the amendment’s implementation, NFT adoption on the network is growing rapidly.

It is worth noting that NFT functionality on the network offers unique benefits, as highlighted in previous reports.

Notably, developers took a “no smart contracts approach” in their NFT implementation on the XRPL. Consequently, NFTs on the XRPL are less vulnerable to exploits, less likely to overburden the network, as seen sometimes on competing chains during popular mints, and effectively cheaper. In addition, it allows joint ownership of NFTs.

With developments like the XLS-20 amendment, the EVM-compatible sidechain, and the Native AMM, the XRPL is on course to become a major DeFi competitor riding on its security and scalability achievements that already make it very useful in payments.