Rakuten Enters NFT Space, Introduces New Marketplace

Rakuten, a leading Japanese internet company, has officially entered into the growing non-fungible token (NFT) space through the launch of Rakuten NFT. The newly launched platform supports buying and selling of the emerging asset class.

Rakuten mentioned that the NFT marketplace has many innovative features, including an efficient platform that enables IP holders to build their own websites for issuing and selling NFTs. According to the company, customers will be able to earn and spend Rakuten Points after purchasing through the use of their Rakuten ID.

In 2021, amid the growing adoption of non-fungible tokens around the world, Rakuten announced its plan to roll out its own NFT marketplace. On 25 February 2022, the company officially introduced the marketplace through a new website and mentioned that the sales of NFT content will start at 9:00 pm JST.

“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. 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 explained.

NFT Ecosystem

The global NFT ecosystem saw rapid growth in 2021. After a record jump in trading volumes and adoption, leading players in the financial services industry entered the non-fungible token market. Last year, the Japanese firm GMO entered the NFT market through a joint venture. Furthermore, prominent sports and entertainment brands are planning to take advantage of the latest buzz.

“Rakuten NFT is planning to produce and sell the J.League NFT Collection Players Anthem, the J.League official NFT collection, and to develop the Rakuten NFT Art Gallery, a collection of original NFT artwork selected by Rakuten NFT,” Rakuten added.