SBI Group to Launch NFTs on XRP Ledger for World Expo 2025 in Japan

On April 19, 2024, Japan's SBI Group announced plans to issue NFTs on the XRP Ledger, Ripple's public blockchain, at the upcoming World Expo 2025 event hosted in Japan.

SBI Group to Launch NFTs on XRP Ledger for World Expo 2025 in Japan

This new initiative by SBI, a leading Japanese financial services conglomerate, aims to enhance user interaction seamlessly with blockchain technology support.

The XRP Ledger is Ripple's public blockchain known for its fast transaction throughput of up to 1,500 transactions per second with low transaction fees. Its energy-efficient transaction model has positioned it as one of the sustainable projects in the blockchain industry.

Launched in 2012, the XRP Ledger has supported developers and users with a range of applications, including micro-payments, DeFi, and now NFTs. Earlier, SBI introduced the XRP Ledger as a step forward in applying NFTs to tokenize various assets in July 2021.

Using the XRP Ledger, SBI will create and distribute NFTs featuring MYAKU-MYAKU, the mascot of the World Expo 2025 event. Participants can obtain collections of NFTs featuring the event mascot by participating in activities at the World Expo and using the Expo mobile app.

Emi Yoshikawa, Ripple's Vice President of Strategy and Corporate Operations, shared on her X account describing this initiative as a significant development for Ripple and the blockchain community.

Prior to this announcement, activities on the XRP Ledger have significantly increased, primarily driven by NFT transactions. Since its launch, 699,590 NFTs have been sold, generating $27.4 million in revenue for the blockchain network.

With increasing activities, the XRP Ledger has demonstrated its ability to handle large transaction volumes efficiently. However, the network has seen a revenue decline, particularly from Q4 2023.

The World Expo 2025 is scheduled to take place from April to October on an artificial island in Osaka Bay, attracting around 28 million visitors globally. World Expo serves as a platform for nations to showcase strengths, power, wealth, and abundant resources, making it a major festival with various activities.

Japan has a tradition of hosting World Expos, including several events in the 1970s and 1990s. Integrating NFTs into this upcoming Expo is truly an innovative move to strategically increase visitor engagement and participation, making the event more interactive and memorable.

Regarding NFTs, Ripple Labs has also proposed XLS-20, allowing users to issue NFTs on the XRP Ledger without smart contracts. Introduced in May 2021, XLS-20 focuses on building extensions for XRPL to support not only native NFTs but also interoperability with multiple other blockchains.

Recently, Ripple also announced plans to launch a stablecoin backed by assets equivalent to cash.