Ripple partner SBI Holdings plans NFT roll out on XRP Ledger

SBI Holdings is an ally of cross-border payment remittance firm Ripple. The firm unveiled plans to issue Non-Fungible Tokens (NFT) assets on the XRPL chain, according to a document from a recent meeting. 

XRP price has been in a downward trend that started in November 2023. The altcoin’s recovery is likely to be catalyzed by bullish developments in the ecosystem. 

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Ripple partner gears up to issue NFTs on XRPL

EXPO2025 is an upcoming World Expo event that is scheduled to open on April 13, 2025, and close on October 13, 2025, in Osaka, Japan. Ripple’s ally SBI Holdings recently shared its plans to release NFTs on the XRP Ledger and unveil it at the World Expo event. 

SBI Holdings’ plan is to issue NFTs for the expo on a digital wallet operated by a consortium alongside other partners SMBC, Resona and MUFG. The NFT will also be available on the firm’s trade website. 

The Ripple partner and investors plan is considered bullish for the XRP Ledger as it is expected to boost the utility of the chain and support adoption and demand for XRP tokens, the native asset of the XRP Ledger. 

XRP price recovery likely to begin

Typically, bullish developments in Ripple’s ecosystem fuel a recovery in XRP price. SBI’s plan to issue NFTs on XRPL chain could catalyze gains in the altcoin. XRP price is in a downward trend that started on November 13, 2023. Since this day, XRP price has consistently formed lower highs and lower lows. 

At the time of writing, XRP price is $0.5706 on Binance. The altcoin’s price remained largely unchanged in the past week.