Softbank’s internet arm teases plans for launch of NFT marketplace
Japanese investment giant Softbank Group is cashing in on the NFT craze with the launch of a new marketplace.
Softbank’s tech division, Z Holdings, plans to launch an NFT Mall for customers in 180 countries this spring, a top company executive told Bloomberg. The investment forms part of Z Holdings’ broader expansion plans with the firm also planning to double the size of its fintech unit Paypay to 90m users.
“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,” Kentaro Kawabe, co-chief executive officer of Z Holdings, told Bloomberg.
Web3 refers to the range of projects seeking to replace existing internet services, which are dominated by tech giants such as Google, Amazon and Facebook, with decentralized alternatives.
“We won’t hesitate to do merger and acquisition deals to boost our presence,” commented Kawabe.
Z Holdings has plenty of cash to splash on new initiatives having secured a five year budget of around 500bn yen (£3.3bn). Paypay, a QR code based mobile payments service, has proved one of Softbank’s most lucrative investments.
Softbank’s leap into the world of NFTs comes after Japanese e-commerce giant Rakuten which launched its own NFT and anime marketplace in February. Animoca Brands also reportedly plans to float an NFT marketplace in Japan this year.
Z Holdings’ shares have climbed by four per cent today, while owner Softbank saw shares climb by 1.8 per cent.
Read more: London’s Looop snapped up by SoftBank-backed ed-tech firm for $20m