Rakuten, a Japanese e-commerce firm, has launched its own NFT marketplace to capitalize on its growing adoption in Japan. The NFT marketplace will offer non-fungible tokens in diverse areas such as sports, entertainment, including anime and music.
According to Rakuten Group’s official statement, the marketplace is set to emerge as a unique, one-stop platform. It will empower IP holders to build their websites for issuing and selling NFTs. The Japanese firm will also provide peer-to-peer listing and sales in 2023. Its first NFT drop came about on February 25. It included digital assets from Ultraman, an anime, and a horse-racing-themed comic Kurogane Hiroshi G1 Gekitoshi (2010 series).
The rise of NFTs in Japan has also caught the attention of regulatory authorities. As NFTs also use blockchain technology, analysts believe it will fall into Crypto Asset under the Japanese law CA. But it doesn’t fall under the definition of crypto assets which is regulated under the Payment Services Act of Japan. It should be noted that NFTs are not clearly defined under Japanese law. Its legal status varies depending on its specific functions.
NFTs recorded a spike in popularity in the East Asian nation in March 2021 when Coincheck, a crypto exchange platform, started an NFT marketplace. This was also driven by Mai Fujimoto, also known as Miss Bitcoin, who collaborated with Enjin for an NFT charity program.