SoftBank’s Tech Specialists Are Zeroing In On The Rapidly Growing NFT Space
Softbank, an investing industry powerhouse in the island nation of Japan, recently announced plans to enter the NFT space. The company’s movement into the NFT realm will be made in an attempt to achieve its revenue goal for the mid-term.
Softbank’s NFT announcement is important in the context of NFT investing as well as conventional investing. Softbank is a publicly traded company on the over-the-counter exchange, also referred to as the OTC exchange. You can buy and sell shares of Softbank on the OTC with the symbol of SFTBY.
Softbank Is Bullish On NFTs
Softbank’s web segment dubbed “Z Holdings” will play a pivotal role in the company’s foray into the NFT arena. Z Holdings is the result of the combination of Line Corporation, an Asian messaging service, and Yahoo Japan. The unit of Softbank is poised to launch an NFT marketplace in the year ahead.
To be more specific, the web arm of the bank will create an NFT Mall. The hope is that this unique marketplace for digital artworks will be available to the general public as soon as the spring of 2022. Early reports indicate Softbank’s Z holdings’ NFT marketplace will be available to customers in 180 nations.
Softbank Continues To Expand
Softbank’s decision to venture into the NFT space is only one piece of the company’s overarching growth puzzle. In particular, the bank’s Z Holdings unit has extensive plans for expansion. If everything goes as planned, the firm will increase the size of its financial technology (fintech) division dubbed “Paypay” by 100%, potentially hitting the 90 million user mark.
It is worth noting Z Holdings is only one of Softbank’s strategic attempts to obtain Web3 market share. The company spearheaded a $90 million round of funding for The Sandbox blockchain gaming platform late last year. Softbank also poured $150 million into Zepeto, a metaverse platform available in South Korea.
Z Holdings’ Leadership Comments On The NFT Venture
The co-chief executive officer of Softbank’s Z Holdings unit, Kentaro Kawabe, recently conducted an interview with Bloomberg stating the business cannot afford to lose out on the potentially lucrative opportunities presented by Web3 and NFTs. Web3 as a whole encompasses the next generation of internet-based business including NFTs, cryptocurrencies, the metaverse and decentralized finance, also referred to as DeFi for short.
Kawabe is working hard to ensure Softbank takes full advantage of the transition to Web3 as it provides a significant opportunity for growth. If Kawabe is correct, Web3 will provide a bridge to a digital world in which life fundamentally changes. Futurists predict the majority of those living in developed countries will soon spend a considerable amount of time in virtual reality worlds while wearing virtual reality helmets and glasses. It is also possible that virtual reality and other components of Web3 change the way people work and learn.
Softbank’s Evolution Is A Work In Progress
If Softbank’s plan works as anticipated, the company’s tech mandate in the context of Web3 will be successfully spearheaded by Z Holdings in the financial quarters ahead, setting the stage for the bank to partially transform its identity.
Softbank’s transition to the NFT space comes on the heels of Rakuten, an e-commerce specialist in Japan, creating its own unique marketplace for both NFTs and anime this past February. Animoca Brands also intends to create its own unique marketplace for the buying, selling and trading of NFTs in Japan. Even if Softbank does not become a leader in the context of Web3 finance, successfully competing with the space’s top players will suffice.