SBI Digital Community Co., Ltd., a subsidiary of Japanese financial group SBI Holdings, announced the public sale of its inaugural “Crypto Canvas Collection” NFTs on Polygon and XRP Ledger. The sale is scheduled to take place from October 12 to October 14, 2024, and will be conducted through “Bto3 ~Web3 Community~”, a platform focused on Web3 initiatives managed by SBI Digital Community.
SBI selects Polygon and XRP Ledger
The Crypto Canvas Collection aims to foster collaborative storytelling between community participants on a digital canvas. According to SBI Digital Community, “Each piece is a unique, hand-drawn generative NFT.” The collection consists of 3,000 unique NFTs, each priced at 0.025 ETH.
It is worth noting that credit card payments will be accepted during the public sale, lowering the barrier of entry for new people into cryptocurrencies. 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 is emphasizing user accessibility in this initiative. “Bto3 provides support so that Web3 beginners can purchase it. If you have any questions, please contact us via “Support” in Discord press release.
Owners of the first batch of NFTs are entitled to a range of exclusive benefits. Holders of one or more NFTs will receive the right to participate in the sweepstakes to win additional NFTs at any time and access an NFT discount service usable in affiliate stores nationwide, scheduled to launch in the second quarter of 2025. For every two NFTs, Owners of the XRP Ledger (XRPL) version of the Crypto Canvas Collection, scheduled for release in November 2024, automatically receive the second NFT collection when it launches.
A notable feature of this initiative is the NFT debit service, which seeks to connect digital assets with real-world applications. The service allows NFT holders to receive discounts at participating stores across the country simply by holding eligible NFTs.
Authentication is performed by scanning the QR code displayed in the store and connecting to the user’s wallet. Customers then display the authentication screen to a store employee to receive the discount. Most importantly, this system does not require specialized knowledge of Web3 from store employees. “Stores can implement this service without any knowledge of Web3, it is free to use and they can receive customers,” SBI Digital Community explained.
The service leverages the membership card functionality inherent in NFTs. It addresses a common challenge in customer management by allowing stores to verify existing NFT holders without having to manage individual customer data. “Even if secondary trading occurs due to blockchain, there is no need for customer management, and it is possible to verify existing NFT holders,” the company noted.
From a business model perspective, an NFT rebate service is different from traditional rebate programs. There are no usage fees for stores, and users retain the ability to trade their NFTs, introducing a new revenue structure that benefits merchants and consumers alike.
“Web3 has faced the challenge of slowing down mass adoption due to lack of real-world usage opportunities. Through this NFT discount service, we will promote mass adoption and build a win-win ecosystem for users, stores and our company.
By offering the XRPL version of the Crypto Canvas Collection to holders of two or more NFTs, the SBI digital community is leveraging the capabilities of the XRP Ledger, known for its speed and efficiency in processing transactions. This move signals SBI’s continued commitment to integrating XRP Ledger technology into its blockchain initiatives. Notably, SBI is one of Ripple’s most loyal partners.
At press time, XRP was trading at $0.53.
Featured image created with DALL.E, a chart from TradingView.com
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