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SBI Holdings Touts XRP Ledger for NFT Use

Japan-based financial-services company SBI Holdings thinks non-fungible tokens (NFTs) could be a good opportunity for the XRP Ledger (XRPL).

 

SBI Holdings came out with a report titled “Current Management Information Briefing” in which they outlined reasons why it believes XRP could be a sound choice for the utilization of NFTs.

 

According to the report:

NFT is a token that proves the uniqueness (authenticity) of digital artifacts, games, etc. using blockchain and DLT

NFT art of Beeple sold at a price of JPY 7.5billion. Signs of change in the art world
• On March 11 (U.S. time), a collage of NFT digital art by a relatively unknown digital
artist fetched $69 million (JPY 7.5 billion) at an auction
• The work, titled “Everydays – The First 5000 Days,” is a collection of daily sketches
made over several years by Mike Winkelmann, an artist known online as Beeple
• NFTs are essentially assets that can be minted (created), mathematically defined
contracts that can indicate the true owner of a digital commodity. For digital artists
struggling with how to articulate the scarcity of digital files that can be freely
downloaded, uploaded, and shared, NFTs will feel like a media revolution for the
art world
(Deprived from an article from TechCrunch Japan, March 12, 2021)

 

Under the section “Building a More Sustainable, Scalable, and Accessible Future for NFTs with XRPL” in the report, the company said XRP had “extremely low transaction fees.” SBI also said the crypto can be “settled instantly” with a low environmental impact because it did not rely on mining making it an attractive choice.

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