Japanese retail giant Rakuten Group announced on the 30th that it will enter the NFT market by next spring.
The company said it has proceeded with the development of a platform where NFTs can be bought and sold between individuals. The unique platform “Rakuten NFT” would allow IP content holders to issue and sell NFTs.
The e-commerce enterprise previously indicated it might be working on something linked with NFTs, according to a job posting on LinkedIn.
The job position sought to hire individuals for Rakuten Blockchain Lab, a development team that specializes in blockchain technology and currently has over 20 members.
According to the announcement, Rakuten ID will be used for payment, and Rakuten points can be accumulated and used later on.
Japan is also ascertaining growing interest in NFTs, with many companies such as Coincheck, a bitcoin wallet and exchange service, which has already started operating the NFT marketplace this year.
Since then, LINE and GMO Internet Group have also expanded into the NFT space.
Rakuten opened the “Rakuten Blockchain Lab” in 2016 that specializes in blockchain and focuses on concepts such as security tokens and NFTs. The company has also launched its own mobile virtual currency exchange — Rakuten Wallet.