Crypto Updates

Number of Non-Fungible Token Mints on the XRP Ledger Surged by More Than 400% in 2023 Q4, According to Ripple

Number of Non-Fungible Token Mints on the XRP Ledger Surged by More Than 400% in 2023 Q4, According to Ripple

Non-fungible token (NFT) activity is exploding on the XRP Ledger (XRPL), according to a recent update from Ripple.

In a new quarterly report, Ripple notes that more than half of all the NFTs ever minted on the XRPL since the release of the XLS-20 standard in 2022 happened in the fourth quarter of 2023.

The payments company says the surge represented a more than 400% increase from Q3.

Crypto analytics firm Messari breaks down the numbers even further, noting that there were 3.4 million NFT mints on the XRPL in Q4. The firm also notes total NFT transactions shot up 170% quarter-on-quarter.

Ripple also notes that overall on-chain transactions on the XRPL increased by 34% and the number of wallets increased by more than 30% in Q4.

Source: Messari

In its recent quarterly report, Ripple also claimed victory against the U.S. Securities and Exchange Commission (SEC). The SEC first sued the payments company in late 2020 for allegedly selling XRP as an unregistered security.

Last summer, US District Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP, referred to as programmatic sales, did not constitute security offerings, contrary to what the SEC alleged.

The judge did, however, side with the SEC’s claim that Ripple’s sale of XRP directly to institutional buyers constituted a securities offering.

Ripple says it has already altered the way it sells XRP.

“Even prior to the court’s July ruling, Ripple had changed the way it sold XRP and going forward we will ensure that Ripple’s sales conform to the legal standards articulated by the court. Ripple will continue to raise the bar on compliance, ethics, and transparency and invest the resources necessary to ensure compliance with the law as it continues to evolve in this space.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note…

Click Here to Read the Full Original Article at Ripple and XRP News – The Daily Hodl…