SBI Holdings, one of the allies of blockchain payments firm Ripple Labs, is set to issue a Non-Fungible Token (NFT) on the XRP Ledger (XRPL).
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 XRPL is currently being developed to accommodate a diverse set of innovations while competing with its peers in the broader ecosystem. The proposed NFT is billed for EXPO2025, and it will integrate a wallet operated by Consortium Inc.
This bullish move from SBI Holdings comes as a major vote of confidence for the XRP Ledger. The company said in one of its recent earnings reports that its embrace of NFTs on XRPL is its way of supporting emerging technologies with the potential to break out in the future.
SBI Holdings XRPL NFT: Key Details
Per the firm, the digital collectible will be issued by SBINFT and is called “Myakun.” Attendees of the EXPO2025 event will be able to see the Expo-Original NFT in the official wallet service dubbed “EXPO2025 Digital Wallet.”
The NFT push is the brainchild of SBI Group alongside its other partners, including SMBC Group and Mitsubishi UFJ Financial Group.
Besides the EXPO2025 Digital Wallet, holders of the NFTs can also view and store the tokens on a dedicated website that SBI VC Trade will be developed by SBI VC Trade.
The firm is exploring avenues to create a wide range of use cases for the SBINFT in different fields. One of the key examples it highlighted is the design of 30 commemorative NFTs that are a mix of the image of the Shinkansen train station alongside the station’s signboard that reads “Nozomi” or stop.
To create easy accessibility for the SBINFT tokens, the firm is setting a price of 64 MATIC or 5,300 JPY per piece.
XRP Army Reacts
For updates that have potential upsides for XRP, the community behind the project typically goes on the rampage but in a positive manner to further publicize the coin.
Commenting, some users said they are hoping this NFT launch will turn out to be more successful than the XRPL Ducati NFT project, which has since lost its steam.
SBI Holdings is optimistic that its embrace of the XRPL NFT space might give enhanced value to the protocol, the assets, and users within the ecosystem in general.
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