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Animoca Brands Aims To Expand Japan’s NFT Market Globally

Animoca Brands is not the only company that is aiming to capture the NFT market in Japan. Rakuten Group is also developing their own NFT trading platform.

Animoca Brands Hits $2.2 Billion Valuation

Animoca Brands, the Hong Kong-based blockchain startup, has officially launched its Japanese segment. Their primary goal in the market is to help other startups with minting NFTs and selling them to a global market. While the Japanese division was set up last October, it has now been announced formally with a $1.1 billion budget funded by MCP Asset Management, Kodansha, Nishi Nippon Railroad, and Sumitomo Mitsui Trust bank.

Animoca is currently investing in about 20 companies and developing over 50 NFT projects. Not only will these NFTs be traded on their platform, but they will also be used as Metaverse Avatars and video game collectibles. The startup currently holds a valuation of $5 billion and was wildly popular for releasing The Sandbox, a VR-based real-estate buying and trading platform. Animoca has become a household name in the crypto and NFT sector in a very short period of time.

Now, with their Japanese division, Animoca will be integrating a range of IPs to be developed into NFTs. The global NFT market has been witnessing a massive movement in recent times, with about $44 billion spent on trading. Animoca is not the only brand that is aiming to capture the Japanese NFT market. Rakuten Group is also developing their own NFT minting and trading platform, and there is also participation from startups such as Double Jump and Tezuka Productions.

Animoca officials stated that Japan has always been a cultural juggernaut in the global market. And with their expertise, the Japanese studios will be able to enter the NFT space and use blockchain technology to digitize and trade art.  Developing NFTs will allow the creators to engage with the fans and also earn a share upon resale of their content. 

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