Rakuten, a Japanese e-commerce behemoth, has launched the NFT Marketplace.

Rakuten Group, a Tokyo-based electronic commerce and online retail corporation, has announced the launch of Rakuten NFT, a non-fungible token (NFT) platform. New features will be introduced in the future, according to the statement, and a peer-to-peer service for minting and selling NFT content is set to open in 2023.

Rakuten, the Japanese online retail juggernaut, has been dabbling in cryptocurrencies and blockchain solutions for a few years now. Rakuten opened a cryptocurrency exchange in summer 2019 and allowed clients to load crypto into Rakuten Pay accounts in spring 2021. Rakuten has announced the creation of a new platform dubbed Rakuten NFT.

“Rakuten NFT is a service that provides a marketplace for users to purchase NFTs, as well as peer-to-peer purchasing and selling of NFTs,” the news release states. A one-stop platform allows IP holders to create their own website for issuing and selling NFTs. Using Rakuten ID when shopping allows users to earn and spend Rakuten Points. NFTs purchased can be added to a collection on the buyer’s own website or sold in the marketplace.”

Rakuten tracks several companies that have established NFT markets in the recent year. Companies like Coinbase, FTX, and Crypto.com have created marketplaces for non-fungible token (NFT) collectibles. Rakuten NFT also faces competition from Opensea, Rarible, Looksrare, and Magic Eden, among others. According to Rakuten’s press release, minting and selling will be available next year.

To help IP holders in Japan and around the world issue NFTs, a peer-to-peer issuing and selling service is envisaged for 2023 or later. “Rakuten plans to introduce a variety of new payment methods,” the launch statement said. Japanese e-commerce and online retail business Rakuten Group announced the launch of Rakuten NFT, a non-fungible token (NFT) marketplace. A peer-to-peer service for minting and selling NFT content is slated to start in 2023, according to the release.