- Messari’s latest report unveils a staggering 491% surge in XRPL NFT Mints during Q4 2023.
- NFTokenMints outshined other NFTs, driving a 169.9% gain in total transactions.
- XRPL inscriptions led to a 100% QoQ increase in payment transactions.
Prominent data analytic platform Messari has released a report capturing the state of XRP Ledger (XRPL), focusing on the final quarter of 2023. The report highlighted a staggering surge in the creation of non-fungible tokens (NFTs) during this period.
Messari first pointed out that XRPL has been operational for over a decade, providing services like cross-currency and cross-border payments, NFTs, DEX, escrow functionality, and token management.
The report highlighted that on XRPL, NFTs are integrated into the core protocol, eliminating the need for smart contracts for their creation or transfer, similar to Issued currencies. Notably, NFTs came into XRPL through the XLS-20 amendment in October 2022, offering advantages such as royalties and anti-spam features.
Meanwhile, Messari noted that in Q4 2023, the proposal “fixNFTokenRemint” succeeded in amending the construction of NFT sequence numbers, following its initial proposal in Q3. Additionally, it revealed that NFTokenMints were the sole NFT transactions to experience a surge in activity during Q4.
Specifically, NFTokenMints saw a staggering 490.6% quarter-over-quarter increase. This contributed significantly to the overall 169.9% rise in total NFT transactions. On the other hand, other NFT transaction types witnessed a decline. It includes NFTokenCreateOffer (-22.1%), NFTokenAcceptOffer (-6.2%), NFTokenCancelOffer (-14.3%), and NFTokenBurn (-60.2%).
Moreover, Messari observed that significant spikes in mint activity propelled NFTokenMint to surpass NFTokenCreateOffer as the most prevalent NFT transaction type in Q4. Prior to Q4, NFTokenCreateOffer had followed the trend set by OfferCreate as the most dominant transaction type on XRPL.
Ultimately, the data platform disclosed that activities on the XRPL witnessed significant diversification in Q4. NFT mints surged by a 491% QoQ, while inscriptions fueled a 100% QoQ increase in Payment transactions. Collectively, these trends propelled overall transaction activity up by 23% QoQ.
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