Non-Fungible Token Activity Explodes on XRP Ledger, Reports Ripple
Ripple has revealed that there has been a significant surge in non-fungible token (NFT) activity on the XRP Ledger (XRPL). According to Ripple’s latest quarterly report, more than half of all NFTs ever minted on the XRPL since the release of the XLS-20 standard in 2022 occurred in Q4 of 2023. This represents a more than 400% increase from Q3. Crypto analytics firm Messari further breaks down the numbers, stating that there were 3.4 million NFT mints on the XRPL in Q4, and total NFT transactions increased by 170% quarter-on-quarter. Additionally, Ripple notes that on-chain transactions and the number of wallets on the XRPL also saw significant growth in Q4.
Ripple Claims Victory Against SEC in XRP Lawsuit
In its quarterly report, Ripple also announced a legal victory against the U.S. Securities and Exchange Commission (SEC). The SEC had sued Ripple in late 2020 for allegedly selling XRP as an unregistered security. However, last summer, a US District Judge ruled that Ripple’s programmatic sales of XRP did not constitute security offerings, although sales to institutional buyers were deemed securities offerings. Ripple states that it has already changed its sales practices to comply with the court’s ruling and will continue to prioritize compliance and transparency.
Conclusion
The XRP Ledger has experienced a surge in NFT activity, with a significant increase in mints and transactions during Q4 of 2023. This growth reflects the rising popularity of NFTs and their adoption on the XRPL. Additionally, Ripple’s legal victory against the SEC provides clarity regarding its sale of XRP and demonstrates the company’s commitment to compliance. As the NFT market continues to expand, the XRPL is positioning itself as a prominent platform for NFT creation and trading.
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