Japanese asset management giant plans XRP NFTs

Japan's SBI Group has announced plans to issue non-fungible tokens (NFTs) on the XRP Ledger for the upcoming World Expo 2025 in Osaka. SBI Group is a financial services company based in Japan.

This initiative aims to integrate blockchain technology to enhance visitor interaction.

XRP NFTs targeted 28 million visitors

Using Ripple's XRP Ledger, SBI will create and distribute visitor NFTs featuring MYAKU-MYAKU, the exhibition's official character. Attendees can access these digital collections by participating in exhibition activities and using the exhibition mobile app.

Ripple's Vice President of Corporate Strategy and Operations Amy Yoshikawa took to X social media to describe this initiative as a “huge” development for Ripple and the blockchain community.

The World Expo 2025, planned for April to October on an artificial island in Osaka Bay, is expected to attract an estimated 28 million visitors worldwide. Historically, the World Expo illuminates scientific, economic and technological developments.

Reflecting this tradition, the expo will focus specifically on the themes of communication, empowerment and sustaining life.

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Japan has a history of hosting world expos, including events in the 70s and 90s. Incorporating NFTs into this upcoming expo will really boost innovation and visitor engagement in a strategic way, making the event more interactive and memorable.

“Approximately 28 million participants is a lot of eyeballs to increase the visibility of XRPL NFTs and the ability of NFT activities to serve real-world purposes,” said XRPL Validator Vet.

Additionally, network activity on Ripple's XRP Ledger has increased, mostly due to NFT transactions. Since the launch of NFTs on Ripple's XRP Ledger, 699,590 NFT sales have totaled $27.4 million.

This growing adoption underscores Ripple Ledger's ability to handle high transaction volumes. However, there is a decline in sales especially from the fourth quarter of 2023 onwards.

Ripple Labs introduced the XLS-20 proposal in October 2022, which enables the creation of NFTs without smart contracts on the XRP Ledger. This initiative aims to minimize the impact on XRPL performance and reduce network congestion.

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Ripple's $250 million NFT Inventor Fund also plays a vital role in supporting emerging artists. This initiative helps promote their art and integrate it into the NFT market.