SBI Holdings teams up with Jungle X to develop Web3 business

SBI Holdings will create a joint venture with Web3 company Jungle X by the end of this year targeting East Asian markets, including Japan, the Tokyo-based financial services company said.

The 50-50 joint venture, to be based in Singapore, will utilize the business model patents held by Jungle X to develop and operate original content and platforms as a first step towards issuing its own crypto asset, SBI Holdings said on November 14.

Jungle X has been granted business model patents and other patents related to sports leagues based on blockchain technology. The joint venture will seek to deal with issues in the modern sports industry such as monetization for retired athletes and stadium maintenance through the use of new revenue models allowed by Web3, such as NFT and token sales.

Efforts will be made to remove the boundaries between professionals and amateurs, and to promote projects in both real and digital terms. One of its projects, “Project O” will allow fans who purchase NFTs to manage sports leagues and teams by obtaining manager and coach rights, according to SBI.