Rakuten, A Japanese E-Commerce Giant, Has Launched A NFT Marketplace.

The explosive growth of the NFT business has enticed worldwide corporations to capitalize on it. Rakuten is the most recent to join the fray, with the debut of its NFT marketplace.

Rakuten Group Inc, the Japanese company behind the prominent online shopping platform Rakuten, announced the opening of its NFT marketplace on Friday.

Users will be able to purchase NFTs as well as engage in peer-to-peer NFT purchasing and selling through Rakuten’s NFT marketplace. According to a corporate news release, the marketplace will sell NFTs in a variety of fields such as sports and entertainment, including music and animation.

Furthermore, the marketplace will include a one-of-a-kind, one-stop platform allowing IP holders to establish their own website for issuing and selling NFTs. The company plans to offer peer-to-peer listing and sales in 2023 or later.

Nonetheless, the company initially announced intentions to build a private NFT marketplace in 2021 in response to the rising popularity of nonfungible tokens.

On February 25, Rakuten released their initial NFT, which includes digital materials from the anime Ultraman and the horse-racing-themed manga Kurogane Hiroshi G1 Gekitoshi (2010 Series).

Rakuten is a Japanese e-commerce site that offers items and services in a variety of industries, including books, finance, cosmetics, digital content, and others. According to sources, the company generated approximately 26.9 trillion yen, or $232.7 billion, in fiscal year 2021.

The worldwide NFT space has seen a tremendous rise in popularity and adoption over the last year. Following a record increase in trading volumes, important participants from a variety of industries began dealing in NFTs. 

Moreover, celebrities and athletes have recently expressed an interest in joining the NFT bandwagon. The most recent highlight in the NFT industry was speculation that Elon Musk was interested in purchasing the Bored Ape NFT.

As interest in NFTs has grown in Japan, an increasing number of markets are emerging. Notably, in March of last year, a Japanese crypto exchange, Coincheck, launched a dedicated NFT marketplace, while in July, early cryptocurrency enthusiast Mai Fujimoto, commonly known as ‘Miss Bitcoin,’ collaborated with Enjin to launch an NFT charity initiative in Japan.

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Patrick

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