The XRP Ledger’s NFT Revolution: XLS-20 Takes on Ethereum
- XRP Ledger (XRPL) has achieved over 82 million ledgers and is making significant strides in the non-fungible token (NFT) sector.
- The XLS-20 protocol introduced in October 2022 has transformed XRPL’s NFT capabilities, positioning it as a formidable competitor to Ethereum.
The introduction of XLS-20 has ushered in a new era for NFTs on the XRP Ledger, offering:
- Native NFTs: Allowing assets to be truly unique, similar to traditional non-fungible tokens.
- Automated Royalties: Ensuring seamless handling of royalties, a groundbreaking feature in the NFT world.
- Minting and Burning: Enabling effortless creation and removal of NFTs as needed.
- DEX Integration: Streamlining NFT transactions with XRPL’s intrinsic decentralized exchange (DEX).
These innovations have sparked an explosion of NFT activity on XRPL since the introduction of XLS-20 just a few months ago, including:
- Over 1.9 million NFTs created.
- Nearly 30,000 accounts holding approximately 1.6 million NFTs.
- Transfers and sales of over 1.2 million NFTs.
- Single-step transactions resulting in sales worth an impressive $12.8 million.
These metrics, particularly the surge in NFT activity, indicate that XRPL is emerging as a formidable contender against Ethereum.
Data Validates Success
Bithomp’s recent statistics, released during “NFT Day,” confirm these findings. They reported that since the introduction of XLS-20, an astounding 1,983,544 NFTs have been minted. Furthermore, 352,295 NFTs, valued at $12,818,839, were sold for XRP in single-step transactions.
Messari, a trusted on-chain analytics firm, identified the NFT transactions as a significant growth indicator. XRPL’s progress in the NFT sector raises the possibility of it overshadowing Ethereum, potentially leading to broader XRP adoption.
As these groundbreaking achievements unfold, the cryptocurrency community watches closely. Will XRPL’s momentum continue to challenge Ethereum’s dominance? Only time will provide the answer.
