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6 December 2022
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SoftBank plans to market NFTs for 180 countries


In order to meet its medium-term revenue targets, Z Holdings Corp., the Internet arm of Tokyo-based Japanese conglomerate SoftBank, is reportedly considering the possibility of launching a market for NFTs.

According to a report by Bloomberg, the idea would be to launch the platform to 180 countries in the coming months.

In addition, as part of the plan to drive its growth, the unit aims to expand the user base of its fintech unit PayPay to 90 million.

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Focus on NFTs

Citing an interview with co-CEO Kentaro Kawabe, Bloomberg said the company wants to capitalize on Web3’s opportunities.

“It is possible that Web3 heralds a world where life is completely different. We don’t want the company to miss out on this huge opportunity for growth,” said Kawabe. “We will not hesitate to enter into merger and acquisition agreements to increase our presence.”

It is worth noting that in November 2021, SoftBank led a $93 million investment round for blockchain gaming platform The Sandbox.

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In addition, it invested US$ 150 million in the South Korean platform Zepeto. In May 2021, the company participated of a US$ 26 million investment round by Brazilian asset manager Hashdex.

Then, in July 2021, Softbank Latin American Fund invested US$200 million (about R$1 billion) in Grupo 2TM, the holding company of Brazilian cryptocurrency exchange Mercado Bitcoin. At the time, the investment raised the valuation of Grupo 2TM to US$ 2.1 billion. That is, about R$ 10.4 billion at the time.

With its eventual launch of a marketplace for NFTs, SoftBank could present itself as a strong competitor to companies like Rakuten and Animoca Brands. The former launched a non-fungible token platform focused on anime and music in February.

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Animoca also reportedly has plans to launch an NFT market in Japan. According to the company, the launch should take place in the second quarter of 2022.

Also read: Algorand adds over 6 million new accounts in 2022

Also read: Inactive address for 11 years moves BRL 95 million in BTC

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Also read: Cryptocurrency community is optimistic and bets that Bitcoin will return to $ 50,000 in April

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