Japan’s Rakuten announced plans to launch a non-fungible token (NFT) platform Monday (August 30). Rakuten NFT is expected to launch in Spring 2022.

Japan's largest e-commerce platform, Rakuten, is looking to build an NFT marketplace to rival OpenSea.

Users can use their pre-existing Rakuten IDs for transactions.

In cause Rakuten may seem familiar, they sponsor the NBA's Warriors & FC Barcelona. Maybe FIFA NFT soon? pic.twitter.com/crCJ8I6Ee3
— Product Hunt ?  (@ProductHunt) August 30, 2021

Users can use their existing Rakuten account and Rakuten points in the account to purchase and trade NFT on Rakuten NFT platform.

IP holders can use the platform to publish and distribute NFT without having to master blockchain-related technology. In addition, the Rakuten NFT platform can be linked with related services under Rakuten, for example, users can receive NFT as rewards when they meet certain consumption and usage tasks.

Rakuten exploring other crypto integrations

Rakuten FC Barcelona — Image Credit: Rakuten

Rakuten Group offers a variety of services in e-commerce, fintech, digital content and communications to many users all over the world. It is often called Japan’s Amazon, and has been enthusiastic about cryptocurrencies and blockchain for a few years now.

The company launched its own exchange in 2019, which was met with significant press coverage. It is also allowing users to redeem Rakuten Points for the Chiliz sports token.

Rakuten is also a major sports sponsor. It is the shirt sponsor and key partner of FC Barcelona, one of the world’s biggest soccer clubs and former home of Lionel Messi. It also sponsors the NBA team Golden State Warriors, the Tennis Davis Cup and Tokyo Open, as well Japanese baseball team Rakuten Eagles, and ladies golf in Japan.

Featured Image Credit: Coindesk Japan

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