Kavan Choksi- Online Retail Giant Rakuten in Japan Launches NFT Marketplace

The esteemed electronic commerce and online retail Japanese Company, the Rakuten Group, located in Tokyo, has announced the launching of an NFT marketplace soon. This marketplace will be named Rakuten NFT, and the Company announced that it will have several innovative features that will be a part of it in the future and will sport a peer-to-peer service for the selling and minting of NFTs in 2023. 

Kavan Choksi- an overview of Blockchain solutions and delving into the world of cryptocurrencies 

According to an eminent business and finance expert in Japan, Kavan Choksi, in the past couple of years, Rakuten has been dealing with cryptocurrencies and the blockchain. In 2019, it introduced a cryptocurrency exchange, and in 2021, during spring, it allowed people to load crypto coins into the Rakuten Pay account. Now, the Company has decided to get into the NFT world with the launch of its new platform, Rakuten NFT. 

In a recent press release, the Company announced that Rakuten NFT is a service that offers users a marketplace for purchasing NFTs along with the peer-to-peer selling and buying of NFTs in a diverse range of fields like entertainment and sports, which also includes music and anime. 

In addition to the above, the platform will also feature a unique one-stop platform that gives IP holders the advantage of building their own sites for issuing and selling NFTs. 

How will it work?

Users need their Rakuten ID to make a purchase and also earn and spend with the Rakuten point system. Any NFTs that they have purchased can be conveniently added to their collection on the webpage of buyer. They can also be listed for sale in the marketplace too. 

Launch scheduled for 2023

Rakuten also follows many businesses that have launched marketplaces for NFTs in the last year. There are companies like FTX, Coinbase, and Crypto.com, along with several others, that have launched their own marketplaces for non-fungible tokens or NFT collectibles. Besides the above, Rakuten will be facing tough competition from credible NFT platforms like Magic Eden, Looksrare, Opensea, and Raible. However, the press release by the Company states that the feature for selling and minting will not be available until the following year. 

Plans to add several value-added features to the marketplace 

There is a service targeted at selling NFT content and service for peer-to-peer issuing planned for a launch in 2023 and beyond. This feature will offer support to IP holders based in Japan and the world to issue NFTs and grow the development of a worldwide marketplace for NFTs. There are plans for introducing a wide range of different methods of payment. 

Business and financial management expert Kavan Choksi also adds that the Rakuten NFT launch features the NFTs with the famous Ultraman Anime. In addition, there will be Kurogane Hiroshi G1 Gekitoshi and illustrations by Hiroshi Kurogane – a famous manga artist.

The Rakuten NFT will also have collectibles from Under Beasty from Daiki Sound Co, and TV Asahi Corporation Shows.