The XRP Ledger (XRPL) is experiencing a surge in non-fungible token (NFT) activity, as reported by Ripple in its latest quarterly update. According to the report, over half of all XRPL NFTs ever minted since the introduction of the XLS-20 standard in 2022 occurred in the fourth quarter of 2023. This represents a staggering increase of over 400% compared to the previous quarter. Crypto analytics firm Messari provided a further breakdown, revealing that there were 3.4 million NFT mints on the XRPL in Q4, with total NFT transactions increasing by 170% quarter-on-quarter. Ripple also noted a 34% increase in overall on-chain transactions and a more than 30% rise in the number of wallets on the XRPL in Q4.

In addition to the NFT boom, Ripple announced a victory in its legal battle against the U.S. Securities and Exchange Commission (SEC). The SEC had initially sued Ripple in late 2020, accusing the company of selling XRP as an unregistered security. However, last summer, US District Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP (known as programmatic sales) did not qualify as security offerings. The judge did agree with the SEC’s claim that Ripple’s direct sale of XRP to institutional buyers constituted a securities offering. As a result, Ripple has made changes to its XRP sales process to ensure compliance with the court’s standards and will continue to prioritize compliance, ethics, and transparency.

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