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SBI Holdings from Japan has filed a report in which it mentioned that XRPL could be the best fit for NFTs. For the proper utilization of NFTs, XRP is the best choice.
SBI Holdings from Japan feels that Non-fungible tokens (NFTs) could be a good opportunity to XRP Ledger (XRPL). A report filed by SBI is called Current Management Information Briefing.
The financial services company under the report gave a reason why it believes that XRP could be a sound choice for the utilization of NFTs.
Building a more sustainable, scalable and accessible future for NFTs with XRPL is mentioned in the report. XRP is beneficial as it has extremely low transaction fees.
SBI also pointed out the fact that crypto can be settled quickly with a very limited environmental impact. XRP did not rely on mining so it is an attractive choice for NFTs.
Why are XRP NFTs good?
They are digital assets that can be formed as a unique contract on the blockchain. They act as a physical real-world product and have different types of information that makes them unique from any other NFT and easily verifiable.
As per the report the XRPL has the ability to tokenize not only XRP but various other assets. SBI has full faith in XRP and feels that it has all the potential use in NFTs. SBI Ripple Asia in May launched the first international remittance service that helps blockchain rails in Cambodia.SBI and Ripple Asia have joined hands together to become SBI Ripple Asia.
SBI’s support for XRP and embracing it in the art world
SBI was also informed in March that the shareholders who have more than a hundred shares will be entitled to get XRP worth 2500 yen. The company thanked these shareholders as they showed their concern and support.
SBI has also talked about NFTs’ very potential as a use case in the art world. In the report the SBI has given the successful example of Beeple’s $69 million records breaking sale in March.
The certificate is given by the blockchain to ensure the authenticity of artworks as more reliable through a tamper-resistance and transparent blockchain mechanism.
But the focus of the company is on the tokenization part. The report cited figures from the World Economic Forum predicting 10 percent of the world’s GDP would be tokenized by 2027.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
