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Japanese company “Rakuten” launches market for non-fungible tokens (NFT)

Japanese company “Rakuten” launches market for non-fungible tokens (NFT)

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Answer Japanese company “Rakuten” launches market for non-fungible tokens (NFT)

Japanese online retail giant Rakuten has been immersed in the world of cryptocurrency and blockchain solutions for some time now.

In the summer of 2019, Rakuten launched a cryptocurrency trading platform and in the spring of 2021, Rakuten allowed customers to transfer their cryptocurrency to Rakuten Pay accounts.

Now it looks like the company is getting into the NFT game, with Rakuten announcing the launch of a new platform called Rakuten NFT.

What was stated in the company’s announcement:

Rakuten NFT is a service that provides a marketplace for users to buy NFT, as well as peer-to-peer buying and selling of NFT, in a range of areas such as sports and entertainment, including music and anime.

Read:Some mistakes to avoid as a cryptocurrency trader

The platform is unique in that it enables intellectual property owners to build their own products for the issuance and sale of NFT.

The Rakuten ID can be used when making purchases, allowing users to earn and spend Rakuten Points.

Any purchased NFT can be added to a collection on the buyer’s web page, and it can also be offered for sale on the platform and sold.

Rakuten has followed in the footsteps of a number of companies that launched NFT markets over the past 12 months.

Companies like Coinbase, FTX, Crypto.com, and many others have launched platforms dedicated to non-fungible tokens (NFT).

In addition, Rakuten NFT faces competition from leading NFT platforms such as Opensea, Rarible, Looksrare and Magic Eden.

Rakuten’s press announcement indicates that the buy and sell feature won’t be available until next year, as the text that indicates this is as follows:

It is planned to launch a peer-to-peer NFT content issuance and sale service in 2023 or later, which will support Japanese and worldwide IP holders for NFT issuance, as well as the development of the global NFT market.

Read:Billionaire Henry Kravis announces his first investment in the crypto world

The company announcement also stated:

Rakuten NFT also plans to produce and sell the JLeague photo collection as NFT.

Read also:

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