Rakuten Launches Rakuten NFT, a New Marketplace for NFTs

Rakuten NFTs marketplace

Bob Coiney

February 28, 2022

Just recently, Rakuten Group, Japanese electronic commerce and online retail company based in Tokyo have announced the launch of a non-fungible token (NFT) marketplace called Rakuten NFT. With more enticing ice over the cake, the announcement notes that new features will be added in the future, and a peer-to-peer service for minting and selling NFT content has been planned to launch in 2023.

NFTs and Its Uniqueness

NFTs shift the crypto paradigm by making each token unique and irreplaceable, thereby making it impossible for one non-fungible token to be equal to another. They are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens. They are also extensible, meaning you can combine one NFT with another to “breed” a third, unique NFT. Most of the current market for NFTs is centered around collectibles, such as digital artwork, sports cards, and rarities. With all of these possibilities, major merger companies have not only flocked to the metaverse in recent times but have also dipped into NFTs and their encompassing ecosystem.

Endless Possibilities with Rakuten

Rakuten NFT is a service that provides a platform for users to purchase NFTs, as well as peer-to-peer buying and selling of NFTs, in a range of areas such as sports and entertainment, which includes music and anime as it features a unique, one-stop platform, enabling IP holders to build their own website for issuing and selling NFTs. With Rakuten Launching its Non-Fungible Token Marketplace over some years, it’s glaring that the Japanese online retail giant Rakuten has been dipping its feet into the world of cryptocurrencies and blockchain solutions. The new platform will be integrated fully into the Rakuten Ecosystem, meaning any of Rakuten’s millions of members in Japan can sign in and check out using their existing Rakuten ID. This integration will also allow for collaboration with other Rakuten services, which could potentially pay out gifts or benefits in the form of NFTs.

The earning and spending of Rakuten Points,  Rakuten’s ever-popular loyalty program is also likely to be implemented. A service for peer-to-peer issuing and selling of NFT content is planned for launch in 2023 or later, which will support IP holders in Japan and worldwide to issue NFTs, as well as spur further development of a global market for NFTs. Plans also call for the introduction of a diversity of additional payment methods. The brand has also proposed to send some digital artworks to the market among which includes: Ultraman anime CG assets and an NFT of the horse racing-themed comic Kurogane Hiroshi G1 Gekitoshi (2010 Series), containing illustrations by famed manga artist Hiroshi Kurogane. 

More Strides from Rakuten

While the brand advances at a fast pace, it is also planning to produce and sell the J.League NFT Collection Players Anthem, as well as develop the Rakuten NFT Art Gallery, a collection of original NFT artwork selected by Rakuten NFT. To mark its opening, the Rakuten NFT Art Gallery will host a selection of digital artwork which will include works by Orihara, image creator for singer Ado. Sales on Rakuten NFT Art Gallery are expected to commence in May 2022 or later.