Ecommerce giant Rakuten launches an NFT marketplace

Written by Ali Raza
February 26, 2022
  • Japan’s e-commerce firm, Rakuten, is launching an NFT marketplace.
  • Rakuten NFT will be a marketplace that supports the issuance and sale of NFTs.
  • The marketplace wants to tap into the vast Japanese market.

Rakuten, a leading e-commerce platform, is launching a marketplace for non-fungible tokens (NFTs). Rakuten’s NFT marketplace will be known as Rakuten NFT.

Rakuten’s move comes amid a major boom in the NFT sector. When NFT trading volumes exploded last year, Rakuten revealed its plans of venturing into the sector with a proprietary NFT marketplace.

Rakuten unveils an NFT marketplace

Rakuten says that this NFT marketplace will be a platform that allows intellectual property owners to launch their own websites used to issue and sell NFTs. The marketplace will allow users to buy NFTs through peer-to-peer. Some of the items available will range between music, anime, sports and entertainment.

Rakuten NFT will also have a unique platform allowing IP holders to develop their own website to issue and sell NFTs. A Rakuten ID is needed to make purchases, and users will earn and spend Rakuten points. The buyer can add their purchases to a collection on the webpage of the buyer, and they can put them up for sale again.

P2P issuance and sale of NFTs will be available in 2023 or the following years. The feature will support Japanese users and other users globally. It will also boost the development of NFTs globally. Other expected features include supporting additional payment methods.

Tapping into the Japanese market

Japan has the potential to be one of the largest NFT markets due to the popularity of pop culture with features such as anime and manga. With a population of more than 126 million people, many believe that Japan can boost the adoption of NFTs.

Last year, the global NFT market grew significantly, and with the surging trading volumes and adoption levels, leading brands started gaining interest in the area. The valuation of the NFT market continues to grow, and NFT interest in Japan has increased. Last March, Coincheck, a local cryptocurrency exchange platform, launched its NFT marketplace. The country also has some local crypto supporters, such as Mai Fujimoto, nicknamed “Miss Bitcoin”, who partnered with Enjin for an NFT charity program in Japan.

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Ali is a cryptocurrency enthusiast. He loves travelling during his spare time and enjoys playing cricket, snooker, and pigeons.