Japanese financial giant SBI Holdings has announced plans to issue a Non-Fungible Token (NFTs) on the XRP Ledger (XRPL), specifically designed for the upcoming EXPO 2025 in Osaka, Japan.
This initiative represents a major advancement in the adoption of NFTs and blockchain technology in large-scale international events.
SBI Holdings Powers EXPO 2025 NFTs With XRP Ledger
SBI Holdings, a longstanding partner and investor in Ripple, is spearheading this project.
They are collaborating closely with other major financial institutions including SMBC Group, Resona Group, and Mitsubishi UFJ Financial Group, forming a consortium to operate the “EXPO2025 Digital Wallet.”
This wallet service will facilitate the acquisition and viewing of the exclusive Expo-original NFT named “Myakun!” Wrathof Kahneman, a well-known member of the community, unearthed the information in SBI’s latest report, highlighted the key details in a recent statement via X:
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“SBI Holdings, a Ripple partner, investor, will use the XRPL to issue an NFT for EXPO2025 on a digital wallet operated by a consortium inc. other partners SMBC, Resona & MUFG. The NFT will be available on a dedicated SBI VC Trade website.”
SBI Holdings, a #Ripple partner, investor, will use the #XRPL to issue an NFT for EXPO2025 on a digital wallet operated by a consortium inc. other partners SMBC, Resona & MUFG. The NFT will be available on a dedicated SBI VC Trade website. #XRPhttps://t.co/GYzEtHLLDN pic.twitter.com/NpOBaQkTDl
— WrathofKahneman (@WKahneman) January 16, 2024
The EXPO2025 Digital Wallet is central to this initiative. The wallet, along with a dedicated website developed by SBI VC Trade, will allow users to store and view the “Myakun!” NFTs.
This venture between SBI VC Trade and SBINFT marks a significant step in exploring the NFT domain.
SBI Holdings emphasized the versatility of the Ripple’s technology, stating, “The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets”.
They further remarked this endeavor aims to “promote new technologies, including NFTs, that are expected to grow in the future, by supporting the Expo 2025 Osaka, Kansai and sharing them with the world.”
The EXPO 2025, sanctioned by the Bureau International des Expositions, is expected to attract an estimated 28.2 million attendees.
SBI Holdings aims to enrich the visitor experience by integrating the “Myakun!” NFT into the event.
This non-transferable and exclusive NFT is not available for resale, adding to its uniqueness and value.
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Ripple’s Role And SBI’s Commitment
The decision to utilize the XRP Ledger for this NFT initiative reaffirms SBI Holdings’ trust in its partnership with Ripple.
Despite facing legal challenges, SBI has consistently supported the fintech company and integrated its On-Demand Liquidity (now Ripple Payments) for efficient cross-border transactions.
For that, both companies have formed SBI Ripple Asia, which aims to provide the RippleNet to financial institutions and money transfer services in Japan, South Korea, and specific Southeast Asian countries.
The community, often referred to as the XRP army, has reacted positively to this news and expects the NFT launch to surpass the success of previous XRPL based projects such as the Ducati NFT project, which never really gained traction.
At press time, XRP traded at $0.571.
Source: https://bitcoinworld.co.in/sbi-holdings-announces-plan-to-launch-nfts-on-xrp-ledger/