Rakuten Launched NFT Market To Capitalize On The Growing Adoption

Rakuten launched NFT market to capitalize on the growing adoption in Japan after the surge of NFT sales in 2021 as we can see more in today’s latest cryptocurrency news.

Major Japanese e-commerce company Rakuten launched NFT market to capitalize on the growing adoption in Japan. The company initially revealed plans to launch a proprietary NFT marketplace last year amid the growing popularity of NFT worldwide. According to Rakuten, the marketplace hosts a platform that allows IP owners to create their websites for launching and selling NFTs.

#NFT adoption is forecast to increase around the world in future, a large number of people still don’t know what NFTs are.

Japan: 90%

Germany: 82.6%

UK: 78.8%

Argentina: 75.5%

US: 70.6%

Canada: 65.8%

Nigeria: 52.0%

<Finder. com>#TheCableIndex

— TheCableIndex (@thecableindex) November 24, 2021

With a population of more than 126 million and pop culture which includes anime and manga, a lot of people think that Japan has the ability to boost the adoption of blockchain assets like crypto collectibles. In 2021, the worldwide NFT ecosystem experienced huge growth and after following a record increase in tradign volume, most players in the sector started dealing in nonfungible tokens. With the value of the NFT market rising, the interest in these assets is growing in the country.

Last year, the country’s local exchange Coincheck debuted a dedicated NFT marketplace and the early crypto evangelist Mai Fujimoto known as Miss Bitcoin partnered with the blockchain gaming ecosystem Enjin to create the NFT charity program in Japan.

As recently reported, The country of Japan has been a major hub for crypto adoption over the past couple of years. Aside from the pseudonym of the creator of Bitcoin, we can see that the country is gearing to crypto and some of the largest cryptocurrency companies have called it the home over the past decade. One of the largest electronics giants in the world, Rakuten Group, recently made new efforts when it comes to Bitcoin adoption and showed that all of this is true.

 

According to the official statement, the details which were shared by the Japanese media outlet Crypto Watch, the e-commerce giant will let the Rakuten users redeem their Rakuten Super Points for Ethereum, Bitcoin and Bitcoin cash but they will have to own a Rakuten Wallet account in order to do so. The customers will also need to have a 100 points minimum in their accounts to use this service. The company also placed a 100,000 point transaction cap on the monthly exchanges and an additional individual transaction cap of $30,000.