Major NFT Amendment Goes Live on XRP Ledger: Details

A new amendment has been activated on $XRP Ledger: NFTokenMintOffer, sparking excitement in the $XRP community.

Amendments indicate new features or changes to transaction processing. The amendment system employs the consensus method to ratify any changes that affect transaction processing on $XRP Ledger. Fully functional transaction process changes are offered as amendments, and validators vote on them. If an amendment achieves more than 80% approval for two weeks, it passes and the change is permanent for all subsequent ledger versions.

Vet, an XRPL dUNL validator and co-founder of xrpcafe, highlighted in a recent tweet that the NFTokenMintOffer amendment has officially been activated on $XRP Ledger after it had received more than 80% support for two weeks, marking a significant step forward for NFTs. This new feature streamlines the $NFT creation process by allowing minting and offer creation to be completed in a single transaction, enhancing efficiency and improving the user experience.

By reducing the complexity and cost of $NFT transactions, this amendment is expected to drive greater adoption and innovation within $XRP Ledger’s $NFT space.

$XRP Ledger NFTs surpass 7.6 million

NFTs, like Issued Currencies (also known as native tokens), are built into XRPL's core protocol and do not require smart contracts for creation or transfer. XLS-20 standardized NFTs in October 2022, delivering benefits like royalties and anti-spam measures.

According to Messari's recent Q4 report, overall $NFT transactions surged 460%, led by $NFT mint and burn transactions that increased 855% and 1,850%, respectively. NFTokenMint was the most common $NFT transaction type in Q4, 2024, followed by NFTokenCreateOffer.

According to Bithomp data, 7,608,568 total NFTs have been minted with the XLS-20 standard thus far, with 1,972,262 NFTs burned; there are now 8,134 $NFT issuers, 55,891 current owners and 2,431,560 $NFT transfers.