SoftBank Group’s tech division, Z Holdings, is reportedly planning to launch a non-fungible token (NFT) marketplace this year. The Japanese conglomerate is embarking on this initiative as part of a broader scope to actualize its mid-term revenue targets.
SoftBank could debut Z Holdings’ NFT mall within the next three months and target users from up to 180 countries. Furthermore, Bloomberg cited a recent interview with co-CEO Kentaro Kawabe where he said Z Holdings also looks to grow its PayPay fintech user base to 90 million. Kawabe further stated that the company sees this as the best time to leverage the opportunities and current bloom in the emerging Web3 space – including crypto, decentralized finance (DeFi), NFTs, and the metaverse.
Going ahead with its NFT mall plans pits Z Holdings in direct competition with others in the Japanese market – including Rakuten and Animoca Brands. For instance, Rakuten already has an established presence in the NFT space and has launched an anime and music-focused NFT platform in February. Meanwhile, Animoca Brands is reportedly planning to float an NFT market in Japan within the next three months.
Z Holdings was created as a merger between Yahoo Japan and Line Corp, a popular Asian messaging service. Z Holdings’ NFT quest represents another example of SoftBank consolidating its investment presence in the Web3 sector.s
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