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 the XRP Ledger. The sale will take place from October 12 to October 14, 2024 and will take place via “Bto3 ~ Web3 community ~”, a platform focused on Web3 initiatives managed by SBI Digital Community.
SBI chooses Polygon and XRP Ledger
The “Crypto Canvas Collection” aims to promote collaborative storytelling among 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 cryptocurrency. The NFTs are minted on the Polygon blockchainand interested participants can access the sale via the Discord channel at https://discord.gg/bto3.
SBI Digital Community emphasizes accessibility for users in this initiative. “Bto3 offers support so that even Web3 beginners can purchase it. If you have any questions, please contact us via ‘support’ in Discord,” the company said in the official press release.
Owners of the first collection of NFTs are entitled to a range of exclusive benefits. Holders of one or more NFTs will be entitled to participate in a sweepstakes to win additional NFTs at any time and gain access to an NFT discount service usable at affiliated stores nationwide, which is expected in the second will be launched in the quarter of 2025. For every two NFTs held, owners will receive an
A notable feature of this initiative is the NFT discount service, which aims to bridge digital assets with real-world applications. The service makes it possible NFT holders to receive discounts at participating stores nationwide simply by owning qualifying NFTs.
Authentication is performed 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 clerk to receive the discount. Importantly, this system does not require specialized Web3 knowledge from store staff. SBI Digital Community explains: “Stores can implement this service without any knowledge of Web3, and it is free to use and accommodate customers.”
The service uses the membership card functionality inherent in NFTs. It addresses a common customer management challenge by allowing stores to verify current NFT holders without the need to manage individual customer data. “Even if secondary circulation occurs due to the blockchain, there is no need to manage customers and it is possible to monitor current NFT holders,” the company noted.
From a business model perspective, the NFT rebate service is a departure 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 both sellers and consumers.
“Web3 has had the challenge of slowing mass adoption due to its lack of real-world usage capabilities. With this NFT discount service, we will drive mass adoption and build a win-win ecosystem for users, stores and our business,” SBI said.
By offering an XRPL version of the Crypto Canvas Collection to holders of two or more NFTs, SBI Digital Community leverages the capabilities of the XRP Ledger, known for its speed and efficiency in processing transactions. This move marks SBI’s continued commitment to integrate XRP Ledger technology into its blockchain initiatives. SBI in particular is one of them Ripple’s most loyal partners.
At the time of writing, XRP was trading at $0.53.
Featured image created with DALL.E, chart from TradingView.com