Tanzeel Akhtar

Last updated:

April 19, 2024 at 12:41 GMT+3

| 1 min read

Japan’s SBI Group is planning on issuing non-fungible tokens (NFTs) built on XRP Ledger during the World Expo 2025 to be held in Osaka, Japan.

According to marketing material released before the event, those attending the upcoming Expo will receive exclusive NFTs of “MYAKU-MYAKU” which is the official character of the EXPO. The non-fungible tokens will be given away at the event starting from April 13, 2025.

NFTs Back in Vogue 2025?.

The “MYAKU-MYAKU” NFTs will have no cash value and cannot be bought or sold, although there will be proof of authenticity. No fees will be charged to create a “wallet” (a virtual “box” on the Internet to manage crypto assets) and to mint them on the blockchain.  ID will be required for registration for the app “EXPO2025 DIGITAL WALLET.”

Are NFTs dead?.

As Japan’s SBI steps up its efforts to drop NFTs during a 2025 event several American firms have been removing NFT purchase protection as trading declines.

Earlier this week it emerged the payments giant PayPal plans to remove non-fungible token (NFT) purchases from its purchase protection program from May 20. In an online announcement, PayPal said amendments to its protection program will exclude NFTs and any payments that you initiated via a third-party platform using the PayPal Balance.

In January, GameStop revealed it had shut down its NFT marketplace, signalling its withdrawal from the cryptocurrency space. The announcement was made via a statement on the platform with the firm stating “the continuing regulatory uncertainty of the crypto space” as the primary reason behind this decision.

Trading of NFTs has been in decline for over a year. Data compiled by Statista shows the number of active wallets involved in NFT trading has declined.

Crypto-Friendly Osaka.

The World Expo 2025 will be held in Osaka, Japan, In 2023, it emerged Osaka Digital Exchange Co. is set to revolutionize Japan’s financial landscape by introducing the country’s first-ever digital securities trading.

Osaka Digital Exchange (ODX)  launched Japan’s first-ever digital securities trading. The platform will feature security tokens issued by real estate firms Ichigo Inc. and Kenedix Inc., with the inaugural trading focusing on securities backed by property investments from Ichigo.

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