Rakuten Group, a renowned Japanese electronic commerce, and online retailing company is set to launch its Non-Fungible Token (NFT) marketplace, named Rakuten NFT. As announced by the company, the sale of NFTs on the platform was scheduled to officially begin by 9 PM, Japanese time on Friday.
The Rakuten token will render a service that creates a platform, a marketplace, where users can purchase non-fungible tokens (NFTs) and also enable NFT peer-to-peer buying and selling that cut across music, animations, and the entertainment industry.
The market will host both customers and IP holders, enabling the latter to build, sell and issue NFTs. The broad capabilities of the platform will make it a one-stop site that meets all the needs of its visitors.
The Rakuten ID, which is issued after registration on the platform will enable users to make purchases as well as earn and also spend using the official digital currency of the website, Rakuten Points.
According to the announcement, the peer-to-peer service of the platform, which allows for the selling and issuing of the digital token will be ready for launch from 2023 or much later. As announced by Rakuten, the platform will support not only IP holders in Japan, but also traders across the world.
As earlier said, the first sales of the digital token will be officially launched tonight, and the work of art to be displayed is the “Kurogane Hiroshi G1 Gekitoshi (2010 Series).” Subsequently, famous TV scenes and virtual token trading cards will be integrated on the platform.
While the launch has been effected, the official platform of the non-fungible token is not accessible to users outside Japan, however, plans are also in place to expand its reach across the world.
The future is promising for the virtual token platform. Plans are currently in place to establish its art showroom, called “the Rakuten NFT Art Gallery.” The exhibition house is said to feature the works of Orihara, the image creator for Ado, a singer. Sales on the art gallery are scheduled to begin from May this year.
The horizon of NFTs continues to expand and achieve prominence every day, across nations and business organizations. Venture Funding for smaller startups exploring NFT and metaverse related solutions is also growing at a fast pace as investors are constantly exploring avenues to be a part of the tech that has been deemed will dominate the future.