Japanese Online Retail Giant Rakuten Launches NFT Marketplace
Rakuten Group, the Japanese electronic commerce and online retail company based in Tokyo has announced the launch of a non-fungible token (NFT) marketplace called Rakuten NFT. The announcement notes that new features will be added in the future, and a peer-to-peer service for minting and selling NFT content is planned to launch in 2023.
Rakuten Launches Non-Fungible Token Marketplace
During the last few years, the Japanese online retail giant Rakuten has been dipping its feet into the world of cryptocurrencies and blockchain solutions. In the summer of 2019, Rakuten launched a cryptocurrency exchange and in the spring of 2021, Rakuten allowed customers to load crypto into Rakuten Pay accounts. Now the company is getting into the NFT game, as Rakuten announced the launch of a new platform called Rakuten NFT.
“Rakuten NFT is a service that provides a marketplace for users to purchase NFTs, as well as peer-to-peer buying and selling of NFTs, in a range of areas such as sports and entertainment, including music and anime,” the press announcement explains. “It also features a unique, one-stop platform which enables IP holders to build their own website for issuing and selling NFTs. Rakuten ID can be used when making purchases, allowing users to earn and spend Rakuten Points. Any NFTs purchased can be added to a collection on the buyer’s own webpage, and can also be put up for sale in the marketplace and sold.”
Rakuten follows a number of businesses that have launched NFT marketplaces during the last 12 months. Companies like Coinbase, FTX, Crypto.com, and many others have launched marketplace platforms dedicated to non-fungible token (NFT) collectibles. Additionally, Rakuten NFT faces competition from leading NFT market platforms such as Opensea, Rarible, Looks Rare, and Magic Eden. Rakuten’s press announcement notes that a minting and selling feature won’t be available until next year.
“A service for peer-to-peer issuing and selling of NFT content is planned for launch in 2023 or later, which will support IP holders in Japan and worldwide to issue NFTs, as well as spur further development of a global market for NFTs. Plans also call for the introduction of a diversity of additional payment methods,” Rakuten’s launch announcement discloses.
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