Z Holdings, the internet subsidiary of Japan-based SoftBank Group, is reportedly planning to launch an NFT marketplace to expand its presence in 180 countries.
Meanwhile, it is unclear whether the company will provide services in Russia and Ukraine with the ongoing crisis between the two countries. Per a Bloomberg report, the marketplace is scheduled to launch as early as this spring.
Kawabe, President and CEO of Z Holdings, acknowledged the recent opportunities and scope for growth in the Web3 space and said:
“It’s possible Web3 will herald a world where life is completely different and we don’t want the company to miss out on the huge growth opportunity. We won’t hesitate to do merger and acquisition deals to boost our presence.”
Japanese companies are slowly recognizing the potential of NFTs and Web3. Rakuten, a Japanese online retail group, recently entered the NFT industry with the launch of its own NFT marketplace ‘Rakuten NFT’. With the release, the company also plans to launch a peer-to-peer service for minting and selling NFTs by next year.
SoftBank has become one of the top Japanese companies to invest in the crypto and Web3 space, with at least 10% of the company’s $5 billion funds invested in the emerging industry. The firm’s venture capital SoftBank Vision Fund has invested in the likes of Sorare, The Sandbox, Elliptic, eToro, FTX, Polygon, and more.