Japanese e-commerce and online retailing giant Rakuten is launching its own NFT marketplace! The “Amazon of Japan” is naming its upcoming trading platform Rakuten NFT. The company has more than 70 services, operating through the three segments: Internet Services, FinTech, and Mobile. So this business venture is very much in line with its strength as a digital behemoth.
Rakuten NFT Marketplace
Last year, Rakuten revealed plans to launch a proprietary NFT marketplace amid the growing popularity of NFTs. According to the company, the NFT marketplace also hosts a platform that allows intellectual property owners to create their own websites to issue and sell NFTs.
Japan’s Intellectual properties include a wealth of high-quality and appealing content. In addition, it has a distinct pop culture that has massive global appeal. For example, anime and manga enjoy a huge fan base, eager to purchase collectibles.
NFT adoption is starting to heat up in Japan. In March 2021, the country’s local crypto exchange, Coincheck, launched a dedicated NFT marketplace. Then, the country’s first cryptocurrency evangelist Mai Fujimoto or Miss Bitcoin dropped a charity auction. Japan’s top social media platform, LINE, is also launching its own NFT marketplace.
On a bigger scale, NFT giants are also recognizing the opportunities in the Japanese market. Animoca Brands will now operate in the land of the rising sun under Animoca Brands KK (Animoca Brands Japan). The new strategic subsidiary is off to a good start because it has completed a raise of ¥1.1 Billion (approx $10 million) of funding in its seed round.