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onXRP Welcomes 240K NFTs and 9K Collections On XRP Ledger (XRPL) In Just a Week

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XRPL is now home to 240,000 non-fungible tokens (NFTs) and 9,000 collections a week after the launch of XLS-20.


Less than a week after XLS-20 went live, XRPL already houses 240,000 NFTs which were indexed by onXRP.com – an NFT marketplace on the XRP Ledger. The platform also indexed 9,000 NFT collections, having assisted in launching six projects. All the indexed NFTs can be traded on XRPL.

The XRP Ledger has witnessed massive growth since its inception, and the network is looking to extend this growth in NFTs with the launch of the XLS-20 protocol, which brings native NFT functionalities to the blockchain.

“We have now indexed around 240000 NFTs, and 9000 collections, and helped launch 6 projects. All are able to be traded through on XRP on the XRPL.onXRPdotcom revealed in a tweet Monday.

 

The disclosure comes barely a week after reports of the launch of XLS-20 on the XRP Ledger mainnet surfaced, as highlighted by The Crypto Basic. CTO at Ripple and XRPL Architect, David Schwartz, on October 31, revealed that XLS-20 had gone live on the XRPL mainnet, noting that a few NFTs had already been minted.

As previously mentioned, NFTs on XRPL takes a unique approach that sets them apart from conventional ones in cryptocurrency. Schwartz noted that XRPL NFTs do not follow a smart contract model and are consequently less likely to generate network congestion and generally exhibit less vulnerability to attacks.

Additional features, such as the possibility of co-ownership and an automatic royalty issuance, have positioned XRPL as a strong contender against Ethereum in the NFT scene.

The XPUNKS NFT collection was launched a few hours after XLS-20 went live. The collection was introduced as a counterpart to the already-established CryptoPunks NFT collection. Following the launch, a whopping 5.75M XRP volume was recorded in just 2 hours.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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