SBI Holdings to Launch NFT Project on XRP Ledger for Upcoming Expo

Japan-based financial giant SBI Holdings announces plans to launch a new NFT project on the popular blockchain XRP Ledger (XRPL).

SBI Holdings, a Japan-based financial service company, has announced plans to issue a non-fungible token (NFT) service on the XRP Ledger (XRPL).

According to an announcement yesterday, the digital collectible named the “EXPO2025 Digital Wallet NFT (or Myakoon!)” will be jointly issued by the SBI VC Trade and SBINFT, a venture operating an NFT business. While SBINFT will issue the NFT, the digital collectible can be viewed on a dedicated website developed by SBI VC Trade.

Notably, “Myakoon!” is part of a service SBI Holdings is planning to launch for the collection of NFTs from the upcoming Osaka-Kansai Expo. Per the announcement, the service will commence in May 2024 before the expo.

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Furthermore, SBI Holdings said it will make the NFT project available to the 28.2 million visitors at the expo. Also, the financial giant disclosed that the “Myakoon!” NFT cannot be transferred and resold.

SBI Holdings emphasized that attendees of the expo can also receive bonus NFTs by completing missions announced before, during, and after the event.

Pro-XRP Lawyer Reacts 

Commenting on the development, pro-XRP lawyer Bill Morgan described the initiative as interesting.

👀 very interesting using an NFT service on the XRP ledger this way @wave_of_innov https://t.co/8bUgEiDO3Q

— bill morgan (@Belisarius2020) October 23, 2023

SBI Sponsors Expo 2025

For context, the Osaka-Kansai Expo 2025 is an upcoming event organized by the Bureau International des Expositions (BIE). The exposition will be held in Osaka, Japan, with its opening ceremony slated for April 13, 2025.

It is worth noting that the event will run for six months. The world exposition will end on October 13, 2025. Interestingly, SBI Holdings is among the top sponsors of the 2025 World Exposition.

“SBI Holdings sponsored the “EXPO 2025 Digital Wallet” project. Therefore, SBI’s service will be provided as one of the functions included in the EXPO2025 Digital Wallet,” the Japanese financial giant added.

SBI Touts XRP Ledger for NFT Use

It is not surprising to see SBI choose the XRP Ledger for its upcoming NFT project. In 2021, the leading financial giant asserted that XRPL is the suitable choice for the use of NFTs.

The rationale behind this assertion, according to SBI Holdings, is because of XRPL’s “extremely low transaction fees” and ability to settle transactions instantly.

“The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets,” SBI said in its report.

Ripple’s Relationship With SBI 

Meanwhile, SBI Holdings has been a major supporter of Ripple and its affiliated solutions. Earlier this year, SBI renewed its international remittance service using On-Demand Liquidity (ODL), a solution developed by Ripple to provide liquidity for cross-border remittances.

The Japanese conglomerate also threw its weight behind Ripple during its legal tussle with the SEC. As reported earlier, SBI CEO Yoshitaka Kitao was seen sharing a blog post about Ripple’s victory with the Japanese crypto community.

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• Source: https://thecryptobasic.com/2023/10/25/sbi-holdings-to-launch-nft-project-on-xrp-ledger-for-upcoming-expo/?utm_source=rss&utm_medium=rss&utm_campaign=sbi-holdings-to-launch-nft-project-on-xrp-ledger-for-upcoming-expo