Z Holdings Corp, a unit of SoftBank Group, is set to make a big splash in the NFT space.
SoftBank: Time for a shakeup in the NFT Space
SoftBank is one of the largest and most prosperous companies in Asia, and this Japanese powerhouse does not know how to operate minute operations. Whenever they enter a new space, they make a big splash by pouring massive investments.
In 2021, SoftBank facilitated the merger of Yahoo Japan and Line Corp, a popular messaging app, to create a social media and e-commerce juggernaut with the ability to carve out its niche in a competitive space. The new company formed is Z Holdings, and it’ll be an understatement to say that this company has many mind-blowing plans in the pipeline.
Before the end of the year, Z Holdings plans to launch an NFT marketplace that’ll operate in over 180 countries; they are also spending a fortune to double the number of users on PayPay, its fintech arm. SoftBank’s expansion into the NFT space is well-timed as many Japanese companies are making their entrance into the space.
In February, Rakuten Group launched its NFT marketplace, focusing on anime and music content. SoftBank, through its subsidiary, is finally making its entrance into the eccentric NFT space, and this news brings a lot of excitement with it.
What does this mean for the NFT space?
Kentaro Kawabe, co-CEO of Z Holdings, shared the following concerning the company, “It’s possible Web3 will herald a world where life is completely different, and we don’t want the company to miss out on the huge growth opportunity…..we won’t hesitate to do merger and acquisition deals to boost our presence.”
As mentioned earlier, SoftBank does not do things subtly; whenever they enter a space, they do not stop until they shake things up a bit. Although this conglomerate hails from Japan, they have business interests worldwide.
This means that local players like Rakuten will need to pay great attention to the moves this company takes once they launch as planned in Q3. Global NFT marketplaces also need to understand that a big player is about to enter their space, so marketplaces like OpenSea, Rarible, and the likes need to take the incoming competition from Japan seriously.
NFT Adpotion in Japan
Japan is a country known for its technological prowess, making it one of the most technologically advanced countries in the world. When you combine Japan’s impressive art scene with a high cryptocurrency adoption rate, it’s only natural for Japanese citizens and corporations to have a high affinity for the NFT space.
NFT art has also become intertwined with Japanese culture, and since the beginning of the pandemic, NFT art has given Japanese artists a lifeline to improve their financial standings and share their gifts with the world. NFT adoption in Japan is one of the highest globally, and it doesn’t look like slowing down anytime soon.
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