Japanese Giant SBI Unveils NFTs On XRP Ledger And Polygon

SBI Digital Community Co., Ltd., a subsidiary of Japan’s financial conglomerate SBI Holdings, has announced the public sale of its inaugural “Crypto Canvas Collection” NFTs on Polygon and the XRP Ledger. The sale is set to take place from October 12 to October 14, 2024, and will be conducted through “Bto3 ~ Web3 community ~,” a platform focused on Web3 initiatives operated by SBI Digital Community.

SBI Chooses Polygon And XRP Ledger

The “Crypto Canvas Collection” aims to foster collaborative storytelling among community participants on a digital canvas. According to SBI Digital Community, “Each piece is a one-of-a-kind, hand-drawn generative NFT.” The collection consists of 3,000 unique NFTs, each priced at 0.025 ETH.

Notably, credit card payments will be accepted during the public sale, lowering the barrier to entry for those new to cryptocurrency. The NFTs will be minted on the Polygon blockchain, and interested participants can access the sale via the Discord channel at https://discord.gg/bto3.

SBI Digital Community emphasizes user accessibility in this initiative. “Bto3 provides support so that even beginners to Web3 can purchase it. If you have any questions, please contact us via ‘support’ in Discord,” the company stated in the official press release.

Owners of the first collection NFTs are entitled to a range of exclusive benefits. Holders of one or more NFTs gain the right to participate in a lottery to win additional NFTs at any time and access to an NFT discount service usable at affiliated stores nationwide, scheduled to launch in the second quarter of 2025. For every two NFTs held, owners will receive an XRP Ledger (XRPL) version of the Crypto Canvas Collection, slated for issuance in November 2024, and automatic receipt of the second NFT collection upon its launch.

A standout feature of this initiative is the NFT discount service, which seeks to bridge digital assets with real-world applications. The service allows NFT holders to receive discounts at participating stores nationwide simply by holding eligible NFTs.

Authentication is performed by scanning a QR code displayed at the store and connecting to the user’s wallet. Customers then show the authentication screen to the store clerk to receive the discount. Importantly, this system requires no specialized Web3 knowledge from the store staff. SBI Digital Community explained, “Stores can implement this service without any knowledge of Web3, and it is free to use and can receive customers.”

The service leverages the membership card functionality inherent in NFTs. It addresses a common challenge in customer management by allowing stores to verify current NFT holders without the need to manage individual customer data. “Even if secondary circulation occurs due to the blockchain, there is no need to manage customers, and it is possible to check current NFT holders,” the company noted.

From a business model perspective, the NFT discount service diverges from traditional discount programs. There are no usage fees for stores, and users retain the ability to trade their NFTs, introducing a novel revenue structure that benefits both merchants and consumers.

“Web3 has had the challenge of slowing mass adoption due to the lack of opportunities for use in the real world. With this NFT discount service, we will promote mass adoption and build a win-win ecosystem for users, stores, and our company,” SBI stated.

By offering an XRPL version of the Crypto Canvas Collection to holders of two or more NFTs, SBI Digital Community is leveraging the capabilities of the XRP Ledger, known for its speed and efficiency in processing transactions. This move signifies SBI’s ongoing commitment to integrating XRP Ledger technology into its blockchain initiatives. Notably, SBI is one of Ripple’s most loyal partners.

At press time, XRP traded at $0.53.

Featured image created with DALL.E, chart from TradingView.com