- The NFTokenMintOffer amendment streamlines NFT minting and offer creation, reducing costs and improving efficiency on XRPL.
- With surging NFT activity, this upgrade strengthens XRPL’s role in the NFT space and could drive greater adoption of XRP.
The XRP Ledger (XRPL) has activated the NFTokenMintOffer amendment, a significant upgrade aimed at enhancing NFT efficiency within the network. As highlighted by CNF, this update aligns with Ripple’s broader push for smart contracts and NFT advancements on XRPL.
This new feature simplifies NFT minting and transactions by allowing users to mint and create an offer in a single transaction, significantly reducing complexity and costs. Previously, minting and offering an NFT required multiple steps, making the process less seamless. As shared in a tweet by Vet, this enhancement improves user experience and strengthens XRPL’s role in the NFT ecosystem.
NFTokenMintOffer amendment got activated on the XRP Ledger. This amendment combines minting and offer creation in one transaction. Made to improve user experience for NFTs on the XRPL.
The amendment passed through XRPL’s consensus-driven governance model, requiring 80% validator approval for two consecutive weeks before becoming permanent. With this threshold met, the NFTokenMintOffer amendment is now live and fully integrated into all future XRPL versions.
A Game-Changer for NFT Minting
The NFTokenMintOffer amendment streamlines the NFT minting process, making it cheaper and more efficient. Unlike Ethereum-based NFTs, which rely on smart contracts, XRPL NFTs are integrated directly into the protocol, reducing network congestion and high gas fees.
According to Messari’s Q4 2024 report, NFT transactions on XRPL surged 460%, with NFT minting increasing by 855% and NFT burning skyrocketing by 1,850%. This reflects the growing adoption of XRPL-based NFTs, which now total over 7.6 million minted NFTs, with nearly 2 million burned.
Why This Matters for XRP and NFT Adoption
As more marketplaces and developers integrate with XRPL, this upgrade could boost NFT adoption and demand for XRP, positioning XRPL as a serious competitor in the NFT space.
As of now, Ripple (XRP) is trading at $2.69, reflecting a 3.51% decrease in the past day but a 12.17% surge over the past week. See XRP price chart below.
