SBI Digital Community Co., Ltd., a subsidiary of Japanese financial conglomerate SBI Holdings, has announced the public sale of its inaugural “crypto Canvas Collection” nfts on Polygon and XRP Ledger. The sale will take place from October 12 to 14, 2024 and will be conducted through “Bto3 ~ Web3 community ~”, a platform focused on Web3 initiatives operated by SBI Digital Community.
SBI chooses 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.
Notably, credit card payments will be accepted during the public sale, lowering the barrier to entry for those new to 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 emphasizes user accessibility in this initiative. “Bto3 provides support so that even beginners to Web3 can purchase it. If you have any questions, please contact us via 'support' on Discord,” the company stated in the official. Press release.
Owners of the first nft collection are entitled to a number of exclusive benefits. Holders of one or more nfts gain the right to enter a lottery to win additional nfts at any time and access an nft discount service usable at affiliated stores nationwide, scheduled to launch in the second quarter of 2025. For every two nfts they own, owners will receive one XRP Ledger (XRPL) version of the crypto Canvas Collection, scheduled to be issued in November 2024, and automatic receipt of the second nft collection upon its launch.
A notable feature of this initiative is the nft discount service, which seeks to unite digital assets with real-world applications. The service allows nft holders to receive discounts at participating stores nationwide simply for holding eligible nfts.
Authentication is done by scanning a QR code displayed in the store and connecting to the user's wallet. Customers then show the authentication screen to the store employee to receive the discount. Importantly, this system does not require specialized knowledge of Web3 on the part of store staff. SBI Digital Community explained: “Stores can implement this service without any knowledge of Web3, it is free to use and can welcome customers.”
The service takes advantage of the membership card functionality inherent in nfts. It addresses a common challenge in customer management by allowing stores to verify current nft holders without the need to manage individual customer data. “Even if secondary circulation occurs thanks to the blockchain, there is no need to manage clients and it is possible to check the current nft holders,” the company noted.
From a business model perspective, the nft discount service differs from traditional discount programs. There are no usage fees for stores and users retain the ability to trade their nfts, introducing a novel revenue structure that benefits both merchants and consumers.
“Web3 has had the challenge of slowing mass adoption due to a lack of real-world usage opportunities. With this nft discount service, we will promote mass adoption and build a beneficial ecosystem for all users, stores and our company,” SBI said.
By offering an XRPL version of the crypto Canvas Collection to holders of two or more nfts, SBI Digital Community is leveraging the capabilities of the XRP Ledger, known for its speed and efficiency in transaction processing. This move signifies SBI's continued commitment to integrating XRP Ledger technology into its blockchain initiatives. In particular, SBI is one of Ripple's most loyal partners.
At the time of this publication, XRP was trading at $0.53.
Featured image created with DALL.E, chart from TradingView.com
