According to the press release statement, “Rakuten NFT is a service that provides a marketplace for users to purchase NFTs, as well as peer-to-peer buying and selling of NFTs, in a range of areas such as sports and entertainment, including music and anime.”
The statement continued by elaborating that “It also features a unique, one-stop platform which enables IP holders to build their website for issuing and selling NFTs. Rakuten ID can be used when making purchases, allowing users to earn and spend Rakuten Points. Any NFTs purchased can be added to a collection on the buyer’s webpage and can also be put up for sale in the marketplace and sold.”
The company isn’t just creating a platform but is firmly set on launching its own unique collections. As the announcement claims, “Rakuten NFT is also planning to produce and sell the J.League NFT Collection Players Anthem, the J.League official NFT collection.”
The collection will include the comic “Kurogane Hiroshi G1 Gekitoshi” and the anime Ultraman with the work done by the famous artist Hiroshi Kurogane.
The Competiton Rakuten Is Facing
Even though NFT is a new trend that entered the mainstream last year, Rakuten will face fierce competition from other established platforms. OpenSea, Looksrare, and Rarible are just one of many established platforms with an established customer base and specific knowledge and experience in this field.
Even traditional crypto platforms such as Crypto.com and FTX have jumped into the field. Even though NFTs and cryptocurrencies don’t completely overlap, the crypto giants have considerable experience and backing from investors.
Even though Rakuten may be at a disadvantage by entering such a highly competitive field, the company has some opportunities to establish itself. Some experts claim that since NFTs are a recent phenomenon, the preferences of users are still not set in stone. They in turn point out to the fact that OpenSea has the most revenue in total, but has recently seen a drop in activity with other platforms taking the lead.
Furthermore, many have pointed out that the currently existing platforms have been riddled with scandals of wash trading and outright. Many users are upset about what is happening, especially since they believe the platforms are not taking sufficient measures, which means they may be willing to try alternative platforms that are more accountable to their user bases.
