By：Yuhao Li
Foreign Attorney (China) & Administrative Scrivener
“What are the major NFT marketplaces in Japan?”
“What are the features of Japan’s NFT marketplaces? “
If you have any questions like this, please be sure to read this article.
This article makes a brief introduction of the features and points to note about the NFT marketplaces in Japan, as well as an overview of the major NFT marketplaces in Japan.
Regarding NFT marketplaces, there is an image that those in English-speaking world are more advanced, but there are still many good marketplaces in Japan as well. On the other hand, the NFT marketplaces in Japan have the following features.
1. Japanese yen and credit cards are available.
Typically, in many NFT marketplaces, crypto currencies are used to pay for the price and the commissions. However, many NFT marketplaces in Japan can use Japanese yen or credit cards. This can be a major advantage for users living in Japan.
2. A large amount of content to the preference of the Japanese users.
Compared to overseas sites, many of the NFT marketplaces in Japan are made in the fashion favored by Japanese users. If you want to find content that has Japanese-style elements, it may be easier for you to find them here. In this sense, it would be a good idea to use the NFT marketplaces in Japan to buy or sell the Japanese Stuff.
3. The websites are in Japanese, but English is also available.
Basically, because they are the marketplaces for users in Japan, it is made in Japanese, but most websites can be switch to English language, so overseas users can also use these marketplaces without knowing Japanese.
4. Registration or trade requires a Japanese certificate of identity.
In order to register to or trade in marketplaces in Japan, a procedure for identity verification will normally be required. Mostly, the user has to submit an identity verification documents as the following issued in Japan.
・Driving License
・Passport
・Basic resident register card
・Individual Number Card
It is likely that you will not have these documents if you are neither a Japanese national nor living in Japan, which is an inconvenience for users outside Japan.
We will now introduce to you some of the major NFT marketplaces in Japan.
1. Coincheck NFT (β version)
Dealing Content: game assets, trading card, fashion, etc.
Sales commission: 10%
Transfer-in fee: 0.01 to 0.16ETH
Transfer-out fee, listing fee: free
Settlement Currency: Etherium, Bitcoin, etc. (Total 17 types)
Usage of the legal currency: no
In March 2021, CoinCheck which is Japan’s first crypto currency exchange platform launched Coincheck NFT (β version).
Its distinctive feature is that it is integrated with the company’s crypto currency trading service, for Coincheck NFT’s operating company also operates crypto currency trading service domestically. There are a total of 17 types of crypto currencies, including Bitcoin and Ripple, as well as Ethereum, which are used in the purchase and sale of NFTs. If you hold any kind of crypto currency in Coincheck, you do not have to prepare any Ethereum.
In recent years, the sudden increase in the attention of the NFT market has led to an increase in demand for Ethereum, and as a result, soaring gas fee have become a problem. However, Coincheck NFT adopts a kind of Ethereum chain, but it requires gas fees for using Ethereum at the time of the transaction.
The crypto currency exchange platform operated by Coincheck, Inc. which is the operating company of Coincheck NFT’s is the largest platform in Japan. As of 01/2022, the total number of downloads of its App exceeded 4.7 million, which is No.1 domestically.
2. Adam byGMO
Dealing Content: art, illustration, music, manga, etc.
Sales commission: 5%
Credit Card Payment Fee: 3%
Transfer-in fee: free
Transfer-out fee: 0.05 ETH
Means of settlement: bank transfer, credit card, crypto currency (Ethereum)
Usage of the legal currency: yes
Adam byGMO is an NFT marketplace operated by GMO Adam, Inc., a group company of GMO. released in August 2021.
The biggest feature is that it corresponds to the Japanese yen.
Even credit cards and bank transfers can be used, so preparation of Ethereum is not a must. The convenience is that NFT trading can be easily started even for the first-time users as no needs to open any account for a crypto currency exchange.
The chain adopted is Ethereum so a gas fee will incur.
The genres of the NFTs offered on the listing are arts, manga, music and photography. but the NFTs available to listing are limited to the works of artists who exhibit through the company’s authorized distributors. NFTs that can be transferred in are also limited to those created within Adam.
3. Rakuten NFT
Dealing Content: sports, music, animations, etc.
Sales commission: varied
Means of settlement: credit card, Rakuten Points
Usage of the legal currency: yes
Rakuten NFT is an NFT marketplace operated by Rakuten, Inc. The service was released on February 25, 2022.
One of the features of Rakuten NFT is that payment can be made by credit card registered with Rakuten ID. Rakuten users can take the advantage of using the balance of their accumulated Rakuten points.
In this marketplace you can buy and sell NFTs of various genres, such as sports and anime, and also between individual users. Recently, the J League Certified NFT Collection is also on the listing. In addition, it is expected that NFT works originated by various major Japanese companies are planned to be listed here.
4. SBINFT Market (formerly nanakusa)
Dealing Content: digital art, music, photo, game assets, etc.
Sales commission: 10%
Means of settlement: Ethereum, Polygon
Usage of the legal currency: yes
SBINFT Market is an NFT marketplace operated by SBINFT Corporation. Originally operated as a nanakusa, it was rebranded and released on March 17, 2022.
Only the works created by authorized artists and partner companies that have been approved can be listed. As the company emphasis the concept of guarantee of quality through preliminary approval, users may have more confidence in trading here. It is also a unique point that it has a revenue distribution function for creators. In addition, ordinary users can only purchase and resell NFT works here.
Last year, SBINFT experienced a total of 36 cases of unauthorized access to the NFTs. However, after that, the company have been enhancing its system security by repairing system vulnerabilities and introducing a new monitoring system.
5. LINE NFT
Dealing Content: entertainment, sports, game, artist, anime, character, event etc.
Sales commission: varied
Means of settlement: LINE Pay (JPY), crypto currency LINK
Usage of the legal currency: yes
LINE NFT is a new marketplace just released in April 2022.
The most distinctive feature of LINE NFT is that everything is include on LINE alone. LINE’s unique appeal is from the ability to make payments in Japanese yen through LINE Pay and the ability to buy NFTs of LINE characters. However, since the usage of its proprietary blockchain, wallet, there is no compatibility with other marketplaces.
In addition, attention is to be paid to the various services within LINE and collaboration with Yahoo! JAPAN, which is under the same parent company Z Holdings.
Have you got a brief idea of the NFT marketplace in Japan?
This article introduced some of features and points to note about the NFT marketplace in Japan, as well as an overview of the major marketplaces in Japan. I would be very grateful if this article could provide you with any useful information for your reference.
This article has been written based on research to the extent possible by the author, and I cannot assure that it is entirely accurate and up-to-date information due to limitation of time, information sources and other factors. In addition, this article will not be any advertisement to the any NFT marketplace or recommendation for any NFT transactions, so please use it under your own responsibility.
※The thumbnail pictures of each NFT marketplaces are taken form their homepage.
