• SoftBank’s technology business is preparing to build an NFT marketplace

  • SoftBank’s internet unit, Z Holdings, is apparently planning to launch an NFT marketplace this year as part of its efforts to reach its mid-term revenue projections.

    The NFT mall from Z Holdings might open as early as this spring, with the marketplace expected to attract users from 180 nations. Z Holdings intends to increase the user base of its PayPay fintech unit to 90 million as part of the plan, citing an interview with co-CEO Kentaro Kawabe.

    According to Kawabe, the organization cannot afford to miss out on the potential given by the developing web3 domain, which comprises markets such as crypto, decentralized finance, NFTs, and the metaverse.

    Z Holdings was formed by the combination of Yahoo Japan and the prominent Asian texting service Line Corp. SoftBank stated at the time that Z Holdings will drive its technological mandate in order to compete with other significant players in the arena of emerging technologies.

    With its NFT mall aspirations, Z Holdings may have to compete with Rakuten and Animoca Brands in the Japanese market. In February, Rakuten established an anime and music-focused NFT platform, and Animoca Brands allegedly aims to launch an NFT marketplace in Japan in the second quarter.

    The NFT push by Z Holdings is another another example of SoftBank bolstering its investment presence in the web3 industry. SoftBank sponsored a $93 million funding round for blockchain gaming platform The Sandbox in November, as well as a $150 million investment in South Korean metaverse platform Zepeto.

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