Japanese Digital Conglomerate Rakuten Launches NFT Marketplace

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Japan’s Rakuten has announced that it wants to roll out a non-fungible token (NFT) platform. The digital conglomerate is the major partner and shirt sponsor of FC Barcelona. Apart from the Spanish football giant, the company also sponsors the Japanese baseball team Rakuten Eagles, Tokyo Open, and the NBA team Golden State Warriors. On its website, Rakuten claims to have more than 1.4 billion global users, with about 100 million of them based in Japan.

The NFT Will Be Launched Next Year

Rakuten offers a marketplace service that offers users the opportunity to buy NFTs in different fields in sports and entertainment. It enables users to sell between IP holders and individuals on the Rakuten platform.

According to the company, the plan is to start providing Rakuten NFTs in the spring of 2022, allowing it to build and publish sales sites on the platform.

Also, the company is planning to bring different segments of its business to the NFT marketplace. This will include the ability to pay with a Rakuten ID, the opportunity to accumulate more points, and the ability to reward points. Rakuten says it wants to make the best use of the technology to give users more options to get rewards for their efforts.

Expanding The NFT Audience

Rakuten admitted that the NFT market is growing speedily and it doesn’t want to be left behind in the new wave. The company noted that it wants to take the audience beyond the crypto crowd with the aim of democratizing the NFT market. With this objective, different users will appreciate the value of having NFTs, which will change the market environment.

Rakuten is not new to the Blockchain world, as it began exploring back in 2016. It has already collaborated with Techrock, a Chinese Blockchain startup that authenticates goods.

With the launch of its NFT marketplace, Rakuten ID can be used for payments while points can be accumulated. Another benefit for ID holders is the ease of issuance and distribution of NFTs without developing their technology.

Also, Rakuten will integrate the platform into other services it offers, allowing users have more options when it comes to getting rewards for the purchase of products and services.

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