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2026年08月19日

What Remains After a 98% Token Decline: HIS and SNPIT's "Tabi Share" and the Asset Value of Proof of Visit

トークンが98%下落した先にあるもの──HIS×SNPIT「たびシェア」が示す「訪問証明」の資産価値

What Was Announced — A Design Built Around Proof of Visit

On August 19, GALLUSYS announced that it will launch Tabi Share, a joint project combining travel and photography with HIS, listed on the Tokyo Stock Exchange Prime Market, progressively from autumn 2026. The initial phase covers more than 10,000 accommodation and tourism facilities affiliated with HIS.

The core of the design sits in a single sentence in the release: only photographs taken with the in-app camera in the vicinity of a target facility may be submitted, and blockchain technology records when, where and by whom a photograph was taken in a form that cannot be altered, establishing proof that the user physically travelled to the site. Photographs taken within a 500-metre radius of each facility qualify for that facility's Location Battle, and the winner becomes its ambassador. At launch, all 10,000-plus locations start from a blank state with no photographs, so at facilities where nobody has yet posted, a user can become the first ambassador without contest. New users receive one free guild character, MOB'z, allowing participation without any purchase.

The Token Has Moved Out of the Centre of the Reward Design

What is easily overlooked is the change in reward design. Since its release in December 2023, SNPIT has recorded photographic activity as camera NFTs and allowed accumulated points to be exchanged for SNPT, a token on the blockchain. Yet the current release makes no mention of SNPT. The stated redemption options for points are discount coupons usable on the next trip and limited digital items.

The context is the token's price history. SNPT reached a high of $0.1085 on July 29, 2024, and now trades around $0.0013, roughly 98% below that peak. Twenty-four-hour volume sits in the tens of thousands of dollars, and liquidity has thinned to the point where quoted prices differ materially across aggregators. At these levels, the X-to-Earn circuit — funding participant rewards through token issuance — cannot function.

Tabi Share's answer is to rebase the reward pool from token issuance onto the partner's customer-acquisition budget. For HIS, coupon funding is an acquisition cost that sits comfortably within existing advertising and promotion lines. Distributing a free character so that participation requires no upfront investment points the same way. This is a shift from a structure that raised money from participants by selling camera NFTs to one where a sponsor bears the cost to induce behaviour — in effect, a convergence toward CRM and loyalty programmes that happen to use a blockchain.

Authenticity Proof Is Already a Contested Standards Domain

So what remains? The proof of visit itself. But this domain already has a strong international standard. C2PA, the Coalition for Content Provenance and Authenticity, established in 2021 by Adobe, Microsoft, the BBC and others, defines a specification that embeds cryptographically signed metadata into images and video, covering the capture device, timestamp, optionally GPS coordinates, editing history and any involvement of generative AI. Version 2.3 was published in January 2026, and Google's Pixel 10 signs every photograph at the hardware level. Transparency rules under Article 50 of the EU AI Act begin to apply in August 2026, effectively requiring machine-readable marking of AI-generated content.

Critically, C2PA uses conventional public key infrastructure — the same technology as HTTPS — rather than a blockchain. Tamper detection does not require a blockchain. In Japan, Cybertrust supplies C2PA certificates, and NTT Docomo Business, NTT Docomo and Spectee conducted a proof of concept in March 2026 using C2PA to counter online disinformation as part of a Ministry of Internal Affairs and Communications programme. A proof built on a proprietary scheme will inevitably be measured against the standard on interoperability grounds.

The Shared Weakness: Truth at the Input Layer

C2PA nonetheless has a decisive limitation. It can verify that a provenance claim has not been tampered with, but it does not verify whether that claim is true. If GPS coordinates were spoofed at the moment of signing, the spoofed coordinates are simply recorded in an unalterable form. That the NTT Docomo Business trial explicitly examined technology that verifies capture location, time and device authenticity by combining multiple information sources rather than relying on smartphone GPS alone reflects exactly this unresolved weakness at the input layer.

Tabi Share faces the same problem. How resistant is a 500-metre radius criterion to location-spoofing applications? Once an ambassador title and coupon value attach to the outcome, the incentive to spoof is certain to appear. Recording to a blockchain does not solve this.

What Actually Survives as an Asset

Even so, the potential value here is not trivial. The reported case in which a local user's strong ranking performance drew a dozen or so users to Lake Haruna in Gunma Prefecture, generating spending in the area, illustrates that combining proof of visit with incentives makes it possible to design actual physical movement. And what accumulates is a large dataset of images tagged with location and time — a dataset with independent value. It also carries the heavy liability of individual movement history.

[Business Development Insights]

  1. Funding rewards through token issuance should be regarded as finished as a practical model in Japan. That the business has continued — indeed progressed to a partnership with a listed company — even with SNPT roughly 98% below its peak demonstrates that what generated value was behavioural data and customer acquisition, not the token. When a financial institution considers putting its own points or mileage programme on a blockchain, the test should not be whether tokenisation creates a new funding source, but whether it lets existing promotional spending be tied to behaviour with greater precision. Business cases premised on the former are contradicted by the last two years of evidence.
  2. Proof of visit has cross-sector demand beyond tourism, but choosing the wrong standard will prevent it becoming an asset. Photographic evidence of disaster sites in property and casualty insurance, construction and infrastructure progress records, on-site verification for ESG disclosure, and outcome-based settlement for footfall-driven affiliate arrangements all require proof that a specific person was at a specific place at a specific time — and all sit near financial services. But C2PA is rapidly consolidating this domain as an international standard, with device manufacturers implementing it in hardware. Building proprietary blockchain-based proof is likely to age worse than conforming to the standard and investing instead in the verification, retention and business-integration layers.
  3. A proof service without an input-layer verification design cannot be adopted for financial workflows. Tamper detection and input truthfulness are entirely separate problems, and no shortage of vendors blur that distinction while claiming a blockchain "proves" something. For an institution on the procurement side, the evaluation criteria are clear: does the solution avoid relying on GPS alone; does it combine independent sources such as cell towers, Wi-Fi, barometric pressure and radio environment; and can it present measured spoofing-detection performance. For an institution on the supply side, this verification layer is precisely where differentiation lies. Very few entities in Japan can currently guarantee location authenticity at a standard suitable for business use.

[Sources]

Supervisor

Akihisa Ishida

Cabinet Inc. Founder CEO

Since 2017, He has been consistently engaged in token and NFT utilization, blockchain game planning and development, and NFT-based business development. Having contributed to over 80 blockchain products—including projects for major entertainment companies listed in Tokyo Stock Exchange —He has served in various key roles such as Business Lead, Designer, PM, and Advisor. In 2021, founded Cabinet Inc.

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