The XRP Ledger (XRPL) saw significant growth in overall transaction activity during Q4 2023, pushed by surging NFT mints and payment inscriptions. As per the Messari data analytics platform report, the total transactions increased 23% quarter-over-quarter (QoQ), and NFT mints especially jumped 490.6%.
NFTs landed on the XRPL in October 2022 with the XLS-20 update, bringing the NFT creation and transfer functionality without using smart contracts. The Messari report revealed that NFTokenMints was the only NFT transaction type with a spike in Q4 activity.
Daily NFTokenMints increased to an average of 169,900 in Q4, a 490.6% rise from Q3 levels. This drove total daily NFT transactions up 169.9% QoQ to 230,400. As a result, NFTokenMints surpassed NFTokenCreateOffer to become the common NFT transaction on XRPL in Q4.
Payments Fuel Overall Growth
The XRPL also saw payment transactions grow exponentially in Q4 2023. Specifically, the report highlighted a 100% QoQ increase in inscriptions, a transaction popularized on Bitcoin.
In late December, over 22 million payment transactions were recorded in one week due to inscriptions. This spike caused the average daily payment transactions on XRPL to nearly double QoQ to 250,000. With this boost, payment transactions caused the first real challenge to Offer Creates for dominance over total daily transactions.
Sustainable Growth Ahead
The Q4 trends marked a variation in activity on the XRPL network. With surging NFT mints and payments, stablecoins and wrapped tokens saw increased adoption. The growth sets the stage for XRPL to build on its long track record of enabling fast, affordable global payments.
With native support for assets like NFTs and a built-in DEX, the blockchain offers financial entities and individuals a digital payment infrastructure for the future. If amendment proposals like XLS-30 pass, new capabilities like AMMs could further expand adoption.
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