Softbank’s Z Holdings (Mcap-$25 Billion) Aims To Invest In NFT Marketplace

SoftBank Group Corp.’s Z Holdings Corp is planning to dive into NFT marketplaces in 180 countries by this year. This will be part of the company’s goal to expand its global business. This move also includes increasing the number of users of fintech unit PayPay to 90 million.

NFTs: Huge opportunity for growth

Z Holdings hopes to develop by taking advantage of a five-year financial plan of around 500 billion yen ($4.3 billion). The company makes most of its earrings from mobile advertising and spending.

Web 3.0 has the potential to lead a world that offers a completely different life. We will not miss this huge opportunity for growth, said Kentaro Kawabe, Director, SoftBank Group Corp

Kawabe also mentioned that they hope to make a profitable business in the coming years.

As per reports, Z holding’s share prices surged over 7%. Which is the company’s highest intraday gain since November. Last year, SoftBank merged Line Corp with Yahoo Japan l in a bid to create an e-commerce and social media giant.

Web3 has proven to be the evolution of the internet which is supported by cryptocurrencies exchanges, decentralized finance, and NFTs. This move will land the company among the early adopters of NFT trading in the country. Japan’s other electronic commerce company, Rakuten Group launched the NFT market focused on music and anime content this February.

Jan 2022 NFT sales crosses $1B mark

The NFTs have been one of the most searched topics of 2021. NFT transactions have recorded a jump of over 20,000% in the last year than 2020. The digital asset’s sales have topped $17.6 billion last year.

As per Nonfungible.com’s research, over 2.5 million crypto wallets were trading NFTs in 2021. Over 470 wallets have made profits of more than $1 million from the NFTs’ sales. While the marketplace has generated a total of $5.4 billion in profits for the investors. In January 2022, NFT sales have crossed the $1 billion mark. However, the first week of March has recorded sales of $168 million.