• Rakuten to launch NFT market in Japan

  • Japanese internet giant Rakuten is dipping its toe into the non-forgeable token (NFT) space with the launch of an NFT marketplace and sales platform in spring 2022.

    The Japanese platform, announced last week, will be called Rakuten NFT and will allow the sale and purchase of digital content in various categories, such as sports and entertainment, including music and anime.

    The NFT platform will allow IP holders to easily publish NFTs and set up their sales sites. It further emphasizes that the platform will be user-friendly and IP holders will not need to have any knowledge of blockchain technology to distribute NFTs.

    “NFTs are a breakthrough technology in the digital content space because of its ability to ensure the uniqueness and rarity of digital data, and in recent years it has attracted attention in areas such as sports and entertainment because of its potential to bring new innovations to the content industry,” the official announcement said.

    Under the umbrella of the Rakuten Group

    In addition, the Rakuten NFT platform will be linked to other Rakuten services, which means that Rakuten users can receive NFT as prizes and or gifts after purchasing other products or meeting certain criteria.

    The company also plans to allow NFT traders to earn and redeem Rakuten points when using the upcoming NFT platform.

    However, Rakuten is not the first mainstream Japanese giant to enter the NFTs business; earlier in June, GMO Financial Holdings formed a joint venture with Samurai Partners, a major player in the local manga illustration space, to handle the NFT market.

    While Rakuten is known for its e-commerce, payments, brokerage and other mainstream services, the group is one of the early adopters of blockchain and is operating a spot cryptocurrency trading exchange since August 2019.

    “By democratizing the NFT market, Rakuten strives to make the value of owning your own NFT felt by a wide range of users,” Rakuten added.

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