Rakuten Launches NFT Trading Platform: What You Need to Know

The Rise of Rakuten NFT

In a bold step into the digital collectibles arena, major Japanese e-commerce giant Rakuten has officially launched its own non-fungible token (NFT) trading platform, aptly named Radically NFT. Announced amidst a worldwide frenzy for NFTs, their marketplace aims to cater to both creators and collectors alike.

Why Now? Timing Is Everything

Back in 2021, as the NFT wave crested high, Rakuten made quiet plans to establish this marketplace. Reflecting on the burgeoning popularity of NFTs, it seems they weren’t just daydreaming about pixelated cats and virtual real estate; they were keenly tracking the market’s progression.

What’s on Offer?

• Avenue for Creators: The platform isn’t merely a marketplace. Rakuten invites intellectual property owners to generate their own unique websites to mint and sell NFTs.
• Robust Ecosystem: With tools and features that aim to enhance user experience, it could very well become a beloved hub for digital art enthusiasts.

Japan’s Unique Position on NFTs

Japan, with its vibrant pop culture—think anime and manga—presents a ripe environment for advancing digital asset adoption. With a population exceeding 126 million, there’s a vast potential market for NFTs.

The Awareness Discrepancy

According to a recent survey, although there’s tremendous potential, a significant portion of the population is still in the dark about NFTs:

• Japan: 90%
• Germany: 82.6%
• UK: 78.8%
• Argentina: 75.5%
• US: 70.6%
• Canada: 65.8%
• Nigeria: 52.0%

It seems that while Japan is enthusiastic, there’s a learning curve that needs tackling.

A Bloomin’ Market

The NFT ecosystem has experienced explosive growth, especially in 2021, where trading volumes surged significantly. Major players across different sectors dashed into the NFT space, solidifying the market’s legitimacy.

Local Trends and Global Reach

In Japan, the enthusiasm translates into action. Local cryptocurrency exchange Coincheck birthed an NFT marketplace back in March 2021, ahead of Rakuten. Additionally, quirky initiatives such as a charity program created by Mai Fujimoto, aka “Miss Bitcoin,” have highlighted that Japan’s NFT presence is as diverse as a bowl of ramen.

Looking Ahead

As interest in NFTs continues to curate growth across all corners of the globe, one can’t help but feel optimistic about the future. Will Rakuten NFT be the sprouting plant in a garden full of digital gems? Only time will tell, but it’s certainly shaping up to be an exciting journey!