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.
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.”
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