Rakuten launches NFT Marketplace to Capitalize on Growing Adoption in Japan

Rakuten, a major Japanese e-commerce company, has launched its own nonfungible token trading platform (NFT), called Rakuten NFT.

In response to the increasing popularity of non-fungible tokens, Rakuten initially announced its plans for a private NFT marketplace. Rakuten claims that the NFT marketplace hosts a platform which allows intellectual property owners to set up their own websites to issue and sell NFTs.

Cointelegraph reached out to the Rakuten team to get more information about the development. This story will be updated as new details become available.

Many people believe that Japan, with its population of more than 126 million people and well-known pop culture including anime and manga has the potential to increase the adoption of crypto assets like crypto collectibles.

Similar: NFTs were tried by 26% of Japanese crypto investors: Survey

The global NFT ecosystem saw a tremendous amount of development in 2021. Major players from different sectors started to trade in NFTs after a record-breaking increase in adoption and trade volumes.

The NFT market is gaining in value, and Japan’s interest in these new assets is increasing. The country’s crypto exchange Coincheck launched a dedicated marketplace in March 2021. Mai Fujimoto, a pioneer in cryptocurrency, teamed up with Enjin, a blockchain gaming ecosystem, to create a Japan-based NFT charity program.

Opinion writer on 7trade7