Non-fungible tokens (NFTs) have become a global sensation in recent times. Their growth and popularity can be accessed from the fact that there are NFT collections that are worth millions of dollars. This profitable market for NFTs has lured institutions to test their usability. Moreover, NFTs also offer more effective solutions to the entertainment and sports sector. All of these reasons have combined to pave the way for the entry of Rakuten into the NFT realm.
Rakuten is a Japanese E-commerce giant that has now launched its own marketplace for users to buy, sell, and trade NFTs. The organization is eyeing the increasing popularity of NFTs. As more people are developing an interest in NFTs, organizations like Rakuten find it to be an attractive business opportunity.
Rakuten NFT platform focuses on a range of niches
The company announced the launch of its NFT platform through a press release on Friday. The press release stated that the launched marketplace will support all kinds of dealing in NFTs, along with its peer-to-peer buying and selling. Moreover, it will cover the fields of music, anime, entertainment, and sports.
Rakuten’s NFT platform will also enable IP holders to create their own websites. Through these websites, they will be able to issue and sell NFTs. Users can utilize Rakuten ID to make purchases. They will also earn special Rakuten points for this. Buyers can also enlist any NFT on their website to sell it in the marketplace.
The press release further states that the company has further plans of introducing peer-to-peer NFT issuance and sale service globally in the coming years. Rakuten is also coming up with a range of collections of its own. The company is working on it. It is expected that Rakuten’s NFT art gallery will be displayed in May or later this year.
Previously, Rakuten had also allowed its Japanese users to pay in crypto through Rakuten Pay and Rakuten Point Cards. The service was available on selected merchants all across Japan. This shows that the company aims to expand its services by trying new methods to facilitate its community.
Rakuten’s debut in the NFT space is highly anticipated and appreciated by users. NFTs have continued to fetch positive results for their users even though the crypto market is on its knees for the last few weeks. This shows that the NFT sector is here to stay and grow with time. The entrance of organizations like Rakuten in the NFT space is surely a positive sign for the emerging industry.
