Over 460k NFTs Minted, 47.6k NFTs Burned on XRP Ledger Since XLS-20 Amendment Went Live

According to data from Bithomp, a popular XRPL explorer, over 460,000 NFTs have been minted on the XRP Ledger since the XLS-20 amendment went live, bringing in native NFT use case.

Going by the data at the time of press, XRPL users have minted a total of 463,036 NFTs, burning 47,617 NFTs. This implies that only 415,419 exist out of the total NFTs minted.

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Data also reveal that there are 2,317 issuers of NFT and 10,730 NFT owners. So far, the network has managed to foster over 269,000 NFT transactions.

The sales list also shows that the NFTs are dominated by XPUNKS collection. It’s worth noting that four out of the top five NFT sales are XPUNKS, while XPUNKS #8811 sold for 108,900 XRP worth $42,700 on November 25 is the NFT that holds the highest cost price.

It’s worth noting that developers on XRP Ledger took a “no smart contract approach” in their NFT implementation. So, this measure reduces the vulnerability of NFTs on the network. It also means that its NFTs are unlikely to cause network congestion, compared to smart contract platforms such as Ethereum and Solana. Moreover, it also allows NFTs to be jointly owned by individuals.

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With developments such as the XLS-20 amendment, the EVM-compatible sidechain, and the Native AMM, the XRP Ledger is on the cusp of becoming a major decentralized finance (DeFi) competitor, using its security and scalability as an edge.

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