SBI Holdings Touts XRP Ledger for NFT Use in the Tokenization of a 'Variety of Assets'

SBI Holdings, a Japan-based financial-services company, sees potential for the XRP Ledger (XRPL) in the non-fungible token (NFT) space. In a recent report titled "Current Management Information Briefing," SBI outlined reasons why XRP could be a suitable choice for NFT use. The report highlights XRP's low transaction fees and instant settlement capabilities, noting that it does not rely on mining, which makes it environmentally friendly.

SBI believes that the XRP Ledger has the capability to tokenize various assets, not just XRP itself. This expands the potential applications of the ledger beyond cryptocurrency.

SBI's confidence in XRP extends beyond NFTs. In May, SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, introduced Cambodia's first international remittance service using blockchain technology. Additionally, SBI announced in March that shareholders who own at least 100 shares would receive XRP as a token of gratitude for their support.

The report also touches on NFTs in the art world, emphasizing the use of blockchain certificates to ensure the authenticity of artworks through a tamper-resistant and transparent mechanism. SBI emphasizes the tokenization aspect, citing projections from the World Economic Forum that suggest 10% of the world's gross domestic product will be tokenized by 2027.

SBI recognizes that achieving widespread impact across various asset types will require the interaction of different blockchains and existing internet and financial infrastructures.

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