NFTs
SBI launches groundbreaking World Expo 2025 initiative!
Japan’s SBI Group has unveiled a groundbreaking initiative involving the issuance of non-fungible tokens (NFTs) on the XRP Ledger for the upcoming World Expo 2025 in Osaka. The move, which aims to enhance visitor interactions through blockchain technology, has caught the attention of the crypto community.
Ripple Partner SBI Holdings Takes the Lead
Japan’s SBI Holdings, a Ripple partner, has started minting NFTs for the World Expo 2025 on the XRP Ledger. This initiative is part of the “EXPO 2025 Digital Wallet” project sponsored by SBI Holdings. Users can download the Myaku-N! digital wallet on iOS and Google to receive these free NFTs, which are limited to 500 users. These NFTs are commemorative, meaning they cannot be transferred or resold.
SBI’s cryptocurrency exchange business, SBI VC Trade, and NFT business, SBINFT, aim to offer this service to the 28.2 million visitors expected at the World Expo in Osaka, Kansai. The NFTs will be available for viewing until October 13, 2025, after which the digital wallet app service will be shut down.
XRP NFTs Target 28 Million Visitors
Using Ripple’s XRP Ledger, SBI will distribute visitor NFTs featuring MYAKU-MYAKU, the official Expo character. Attendees can collect these digital collectibles by participating in Expo activities and using the Expo mobile app.
Emi Yoshikawa, Ripple’s VP of Corporate Strategy and Operations, described the initiative as a “huge” development for Ripple and the blockchain community. SBI also announced additional giveaways, lotteries, and prizes, including the “Myakumyakupon!” giveaway campaign.
World Expo 2025, scheduled to run from April to October on a man-made island in Osaka Bay, is expected to attract about 28 million visitors globally. Historically, World Expos have showcased scientific, economic and technological advances.
Increase in Ripple network activity
There has been a notable increase in network activity on Ripple’s XRP Ledger, driven largely by NFT transactions. Since the launch of NFTs on Ripple’s XRP Ledger, there have been 699,590 NFT sales totaling $27.4 million. However, there has been a decline in sales since Q4 2023.
Ripple Labs introduced the XLS-20 proposal in October 2022, enabling the creation of NFTs on the XRP Ledger without smart contracts. This initiative aims to reduce the performance impact of the XRPL and mitigate network congestion.