"The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets," the company said in its report.

Japan-based financial-services company SBI Holdings thinks non-fungible tokens (NFTs) could be a good opportunity for the XRP (-0.87%) Ledger (XRPL).

According to a report on Tuesday titled “Current Management Information Briefing,” SBI outlined reasons why it believes XRP could be a sound choice for the utilization of NFTs.

Under the section “Building a More Sustainable, Scalable, and Accessible Future for NFTs with XRPL” in the report, the company said XRP had “extremely low transaction fees.” SBI also said the crypto can be “settled instantly” with a low environmental impact because it did not rely on mining making it an attractive choice.

NFTs are digital assets that can be created as unique contracts on the blockchain and generally represent a physical real-world good. They contain distinguishing bits of information that make them both unique from any other NFT and easily verifiable.

“The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets,” the company said in its report.

SBI’s belief in XRP as a token extends beyond its potential use in NFTs. In May, SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, introduced Cambodia’s first international remittance service leveraging blockchain rails.

In March, SBI told shareholders possessing 100 shares or more would be eligible to receive XRP worth 2,500 yen ($22.50) as a way of thanking them for their support.

In its report, the company also touched on NFTs as a use case in the art world, highlighting the successful execution of Beeple’s $69 million record-breaking sale in March.

“A blockchain certificate will ensure the authenticity of artworks as more reliable through a tamper-resistant and highly transparent blockchain mechanism,” the company said.

Still, the focus, according to the company, remains on the tokenization aspect, and cited figures from the World Economic Forum predicting 10% of the world’s GDP would be tokenized by 2027.

“Achieving impact at-scale across so many asset types will require the interaction of different blockchains and existing Internet and financial infrastructures,” SBI said.

 

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu to flip Dogecoin as analysts see SHIB price rising to $0.01

Shiba Inu token emerged as the third most traded cryptocurrency in the past 24 hours after hitting a new all-time high. Experts have predicted that the memecoin will soon rank in the top 10 cryptocurrencies by market capitalization. 

More Shiba Inu News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets coil up for an explosive move

Bitcoin price has been due for a retracement after rallying for three straight weeks in October. This came on October 21, when BTC began a correction that is now holding up pretty well above a psychological barrier.

More Bitcoin News

Chainlink partners with AP while LINK price prepares for 50% advance

Chainlink price has been struggling for after May 19 crash and has stayed below a crucial barrier since then. However, LINK is turning around as it coils up to grapple with this hurdle and trigger a new upswing.

More Chainlink News

Ethereum heads toward ETH2 and Triple Halving with Altair upgrade on October 27

Following the launch of EIP-1559, the next key upgrade adds features to the beacon chain before the merge. The Altair beacon chain may be the only upgrade to the Ethereum network before transitioning from proof-of-work to proof-of-stake. Despite the drop in prices of most DeFi tokens, TVL crossed $100 billion last week.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP