eCommerce Giant Rakuten Is Launching an NFT Marketplace
Rakuten’s announced that it would allow users to buy NFTs through their platform to compete with NFT marketplaces like OKX and. It also mentioned that users can now do peer-to-peer trades in NFTS. According to a press release, the company will allow the use of NFTs in music, anime, sports, and entertainment.
The platform will allow users to create their own “Digital Items” that can be applied to virtual goods. In addition, it provides developers access to blockchain technology so they can develop new digital assets in innovative ways to support business models for both publishers and consumers.
Rakuten is already planning to use its newly acquired NFT platform to make products more tangible by allowing them to be traded and bought using cryptocurrency.
The new service will let fans who love trading toys and figurines on the internet purchase digital versions of these toys from each other or from companies like Rakuten itself.
It would then allow buyers to send over the toy via the internet, and sellers could then re-sell the item online. Users could even create their Digital Assets—digital versions of real-world objects that are unique to them and can be attached to virtual currencies.
After an official launch, the company said that it would focus on developing its blockchain technology and creating a new generation of digital goods. Rakuten aims to apply the technology to several industries, making it possible for customers worldwide to pay for things without needing to use cash.
Tapping into the Japanese market
With more than 126 million people, many believe that Japan can become one of the largest NFT markets. The popularity of culture in the country with features such as anime and manga can boost the popularity of NFTs even further.
Last November, Tokyo-based crypto exchange Coincheck announced that it had completed a $40m sale of NFTs after raising 10 billion yen ($90m). That was followed by a similar deal for another five billion yen ($45m) in February, which saw Binance Labs acquire a 20% stake in Coincheck. Although it might not have been in the spotlight quite yet at the time, NFTs were being used in Japan before the country ever started having a blockchain revolution.
In fact, according to NEMI data, there are currently 13.4 million active accounts on the NEM blockchain, with 11.6 million of those accounts being created within the past two years alone.
And although Japan isn’t known for its tech innovation as much as China or South Korea, NEMI analysts noted that Japan is still taking steps toward becoming a leader in blockchain. One step Japan took was the creation of the Blockchain Taskforce, which aims to encourage the development of decentralized applications (DApps), the secure hosting of Dapps on public blockchains, and the integration of blockchain networks with existing infrastructure. In addition, Japan is exploring how blockchain could help improve governance and provide transparency in government operations.
While the country does need some further developments if they want to see large-scale adoption of blockchain, this is expected to change sooner rather than later. As it stands, Japan has plenty of room to grow, particularly when it comes to fintech adoption.