Japan’s E-Commerce Giant Rakuten Launches NFT Marketplace

Rakuten said its NFT marketplace would allow for the purchase, sale and trade of virtual assets based on Japanese manga and TV shows

article-image

Close up of Rakuten sign. Silicon Valley, US. Credit: Shutterstock

share

key takeaways

  • Rakuten has launched its own NFT platform for the sale and trade of virtual assets in a bid to cash in on the crypto sector
  • The company said its platform also features an ability for IP holders to build their own webites supporting the issuance and sale of NFTs

Japanese e-commerce giant Rakuten is hoping to capture some of the fervor surrounding NFTs and has launched its own marketplace for users to buy, sell and trade them.

According to a press release on Friday, the company said its Rakuten NFT (non-fungible token) platform is focused on NFTs in areas such as sports and entertainment, including music and anime.

The marketplace also features a “one-stop” platform providing intellectual property (IP) holders with the ability to build their own website for the issuance and sale of NFTs, the company said.

In the coming years, Rakuten said it plans to introduce a peer-to-peer NFT issuance and sale service supporting IP holders worldwide in a bid to “spur further development of a global market” for the digital medium.

NFTs are digital assets tied to blockchains that represent ownership over real-world or virtual goods.

Rakuten’s marketplace debut comes at a time when the trading and selling of NFTs have continued to prove lucrative despite the wider cryptocurrency market suffering significant declines in value.

While daily sales volumes for the virtual assets have dropped from a peak of $422 million witnessed in August, the market was recently estimated to be worth between $20 billion to $40 billion.

Hoping to build on its recent foray into the crypto industry, Rakuten said it would be releasing NFTs containing illustrations from famed manga artists and video footage from TV Asashi as well as digital trading cards.

Last year, the company opened up functionality for its users to pay in crypto at select merchants throughout Japan by enabling payments via Rakuten Pay and Rakuten Point Cards at point-of-sales terminals.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

The QT taper begins this month…but what does that mean for markets?

article-image

Plus, the rise of RWAs could bring about a significant shift in how real-world investments are managed and accessed

article-image

The distributed cell plan provider started selling its own hotspots in October 2023

article-image

The Brazil-based asset manager’s filing comes during a year of milestone bitcoin and ether fund approvals

article-image

The purchase of five sites in Georgia set to help CleanSpark hit its mid-year operating hash rate target of 20 EH/s

article-image

Plus, it’s beginning to look like we may be in for a cruel summer