Rakuten releases its own NFT marketplace amid massive adoption in Japan

The renowned Japan-based e-commerce company Rakuten has announced that it has launched its own non-fungible Token or NFT trading platform, Rakuten NFT.

In response to the growing popularity of NFTs around the world, the company announced plans to build a proprietary NFT marketplace last year. The NFT marketplace, according to Rakuten, also includes an interface that enables intellectual property owners to create their own sites for generating and selling NFTs.

Aim to capitalize on Japan’s potential

We have already covered the importance of well-known Japanese pop culture in the NFT world. Japan, with a population of more than 126 million people, is known for its anime and manga. It has the potential to accelerate the adoption of blockchain assets like digital collectibles.

Interest in these innovative assets is developing in Japan as the value of the NFT market continues to climb. As per a recent survey, a quarter of crypto investors in Japan have tried their hand in NFT.

The country’s local crypto exchange, Coincheck, launched a dedicated NFT marketplace in March last year. Mai Fujimoto, widely known as “Miss Bitcoin,” teamed up with the blockchain gaming ecosystem Enjin to launch an NFT charity campaign in Japan in July 2021.

#NFT adoption is forecast to increase around the world in future, a large number of people still don’t know what NFTs are.

Japan: 90%

Germany: 82.6%

UK: 78.8%

Argentina: 75.5%

US: 70.6%

Canada: 65.8%

Nigeria: 52.0%

<Finder. com>#TheCableIndex

— TheCableIndex (@thecableindex) November 24, 2021

NFT craze hitting sky

The global NFT ecosystem witnessed tremendous growth in 2021. Following a surge in trading volumes and adoption, important companies in a wide range of industries began to enter the NFT world. Not only firms but the celebrities like rap legends like Snoop Dogg and Eminem have also marked their solid entry in the world of NFTs.

Many social media platforms have also joined the race. OnlyFans recently announced that it had integrated the digital asset feature on profile pictures. Twitter has already done the same in the past. In October 2021, Reddit announced its plan to bring its own NFT platform.