SBI Digital Community, a Web3-focused subsidiary of Japanese powerhouse SBI Holdings, has tapped XRP Ledger (XRPL) and Polygon for the launch of its first NFT collection, dubbed “Crypto Canvas Collection.”
Named with the desire to draw a story together with community participants on a digital canvas, the NFT collection will feature 3,000 unique, hand-drawn generative NFTs, each priced at 0.025 ETH, said SBI Digital Community in a Tuesday press release.
NFTs Live!
The NFTs will be minted on the Polygon blockchain, with sales accessible via the Bto3 Discord channel. With this launch, SBI Digital Community aims to enhance user accessibility to Web3, provide support for Web3 newcomers and promote mass adoption through an innovative NFT discount service.
“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 Digital Community said.
The company plans to hold a public sale of the NFT collection from October 12 to October 14 this year. It will accept credit card payments to facilitate easy access for newcomers to the crypto space.
Real World Use Cases
According to SBI Digital Community, owning an NFT from the collection will unlock several benefits, including participation in a lottery for additional NFTs, access to a nationwide discount service at affiliated stores starting in the second quarter of 2025, and automatic receipt of a second NFT collection upon its launch.
The NFT discount service is a novel approach that SBI Digital Community uses to bridge the gap between Web3 and the real world. According to the company, the service enables customers who own its NFTs to scan a QR code at participating stores and connect their wallets to authenticate their NFT ownership.
Once authenticated, customers can show the authentication screen to store staff to receive a discount. The service is designed to be easy for both customers and businesses to use, regardless of their Web3 knowledge.
NFT owners will also get an XRPL version of the Crypto Canvas Collection issued on XRPL, which is scheduled for next month for every two NFT purchases, as well as exclusive perks and rewards from future collections.
Ripple’s XRPL has been trusted by plenty of global partners, and SBI Holdings is among its key ones. Ripple and SBI Holdings have established numerous collaborations targeting enhancing the adoption of XRP and expanding its utility in various markets.
SBI Digital Community and Ripple first formed a strategic partnership in August this year.
The collaboration focuses on promoting XRPL within the Web3 community, increasing user engagement and adoption of XRP through educational efforts and community-driven projects. Part of the collaboration includes the issuance of NFTs on XRPL.
XRP is Big in Japan
Ripple previously announced it inked a deal with SBI Group and HashKey DX to develop XRPL-powered supply chain finance solutions in Japan. The venture aims to leverage the strengths of XRPL for efficient payment processing in supply chains.
SBI Remit, another subsidiary of SBI Holdings, has expanded its remittance services using XRP as a bridge currency for quicker and more cost-effective money transfers across Southeast Asia. The initiative targets fostering cross-border payment capabilities in markets like the Philippines, Vietnam, and Indonesia.
The latest news comes amid an ongoing lawsuit between Ripple Labs and the Securities and Exchange Commission (SEC). The SEC recently initiated an appeal against Ripple’s latest court ruling that imposed a $125 civil penalty on the cryptocurrency firm.
The Commission repeatedly expressed dissatisfaction with the court’s decision to determine some of the XRP sales, the secondary market ones, were not deemed securities and hinted at challenging the verdict.
