Japan’s SBI Group intends to issue non-fungible tokens (NFTs) on the XRP Ledger for World Expo 2025 in Osaka, Japan.
Marketing materials released prior to the event indicate that attendees of the upcoming Expo will receive exclusive NFTs featuring “MYAKU-MYAKU,” the official mascot of the EXPO. These NFTs will be distributed at the event beginning April 13, 2025.
NFTs Back in Vogue 2025?
The “MYAKU-MYAKU” NFTs, distributed during World Expo 2025, will not have monetary value and cannot be traded. However, they will come with proof of authenticity. There will be no charges for creating a “wallet” — a virtual storage space on the internet for managing crypto assets — or for minting these NFTs on the blockchain. Attendees will need to provide ID to register for the “EXPO2025 DIGITAL WALLET” app.
Are NFTs dead?
As Japan’s SBI Group ramps up its initiatives to release NFTs during a 2025 event, several American companies have been scaling back NFT purchase protections amid declining trading activity.
This week, it was revealed that PayPal, a major payments company, plans to eliminate NFT purchases from its purchase protection program starting May 20. According to an online statement by PayPal, changes to its program will exclude NFTs and any transactions initiated via third-party platforms using the PayPal balance.
In January, GameStop announced the closure of its NFT marketplace, indicating a retreat from the cryptocurrency sector. The company cited “the continuing regulatory uncertainty of the crypto space” as the main reason for this decision, according to a statement on the platform.
The trading of NFTs has been decreasing for more than a year. Statistics from Statista indicate a reduction in the number of active wallets engaging in NFT transactions.
Crypto-Friendly Osaka
The World Expo 2025 is set to take place in Osaka, Japan. In 2023, it was announced that Osaka Digital Exchange Co. is poised to transform Japan’s financial landscape by launching the country’s first digital securities trading platform.
Osaka Digital Exchange (ODX) initiated Japan’s inaugural digital securities trading. The platform showcases security tokens issued by real estate companies Ichigo Inc. and Kenedix Inc. The initial trading will concentrate on securities backed by property investments from Ichigo.
