Rakuten launches NFT marketplace to take advantage of the growing NFT adoption in Japan
2022 is continuing with the NFT popularity growth and one of the major Japanese E-commerce firms, Rakuten, has launched an NFT platform to take advantage of the growing adoption. The new NFT platform is dubbed Rakuten NFT.
Turns out UF are in fact doing "Music-related NFTs" on the blockchain in partnership with Rakuten
FFS UF WHYYYYYYYYY
— gobaku gobaku gobaku (@Masakingdom2001) February 25, 2022
Rakuten had first indicated its plans to launch an exclusive NFT marketplace back in 2021 following the growth of the popularity of non-fungible tokens (NFTs).
According to Rakuten, the Rakuten NFT marketplace shall also provide users with a platform where they can create their websites to mint and sell NFTs.
Japan has a population of over 126 million people and Rakuten is angling to take advantage of the countrywide adoption of NFTs. Besides, Japan has a renowned pop culture including manga and anime that are the backbone of crypto-collectibles.
Worldwide NFT development
In 2021, the NFT ecosystem experienced exponential growth around the world with a record increase in adoption and trade volume. Major players especially within the metaverse and entertainment industry have greatly adopted NFTs and most of them are making a lot of money using them.
In essence, NFTs have played a great role in driving the adoption of DeFi products.