Japan's largest e-commerce group, Rakuten Group, is entering the world of NFTs with the launch of its own digital marketplace.
Rakuten, Japan's largest e-commerce store with over 50 million registered users, has launched its own NFT marketplace called Rakuten NFT. Through this platform, Rakuten Group wants to offer users an accessible space for buying and selling NFTs. non-fungible tokens (NFT) blockchain-based NFTs, which have become one of the biggest trends worldwide. Rakuten NFT will offer access to individual NFTs or entire collections focused on various areas, such as sports, entertainment, music, art and anime, the company said. In addition, this marketplace platform will allow users to transact with NFTs directly, peer-to-peer (P2P).
Rakuten’s NFT marketplace also offers a platform for the creation of new sales websites where users can trade their own non-fungible tokens. The company also has plans to allow intellectual property users the ability to develop new projects by minting their own NFTs within the platform by 2023.
During fiscal year 2021, Rakuten Group reported revenues of around 26,9 trillion yen (about 232.700 billion dollars).
It may interest you: Antonio Sotomayor, blockchain expert, on NFTs: "It is a very powerful tool at a very easy reach"
Rakuten NFT: A Marketplace for Art and More
From its platform, Rakuten Group wants to integrate all its businesses into the world of technology blockchainThe company has released a statement saying that it is looking to the future and new innovations, such as NFTs, which since 2021 have attracted large multinational companies, brands, artists, sports clubs and more. For example, YouTube, Victoria's Secret, Puma, Warner Music Group, Meihodo, Gucci, Pepsi and Associated Press are some of the brands and companies that are already exploring the potential of the virtual world through non-fungible tokens.
Rakuten NFT will therefore be a space to connect its entire ecosystem. The company reported that the marketplace displays works by contemporary artists, trading cards from popular television shows, music artists, anime series, and even cultural NFTs from the popular Japanese clothing brand Beams Co.
In addition to trading and negotiating non-fungible tokens, Rakuten NFTs also offer other benefits to its users, such as the ability to accumulate points through their Rakuten ID, which can then be redeemed or spent in the company's stores.
Blockchain and cryptocurrency trading
Rakuten began its foray into the blockchain world in 2016, creating a team of experts to explore this emerging technology and its opportunities. As noted, Rakuten Blockchain Lab allows the Japanese company to be at the forefront of blockchain applications and use cases. In addition to this, Rakuten also enables the trading of cryptocurrencies and digital assets through its Rakuten Wallet app.
NFT in Japan
The launch of this platform coincides with the interest and entry of other major Japanese companies into the NFT world. In mid-January, the video game developer Sega reported that it had registered the SEGA NFT trademark to make its entry into the virtual world. Also, the Japanese multinational Square Enix, known for its game franchises final Fantasy y Dragon Quest, revealed that decentralized games and NFTs are an important strategic issue for the development of the gaming industry.
Yosuke Matsuda, CEO of Square Enix, said in a letter earlier this year that AI, cloud computing, and blockchain-based gaming are the new domains the company should focus its future investments on. Square Enix plans to invest in several decentralized gaming projects this year.
Continue reading: The 5 best platforms where you can create your own non-fungible tokens (NFT)
