17/06/2021 GMO Enters NFT Business Forming a New Joint Venture
The internet giant has partnered with Samurai Partners for the NFT initiative.
Arnab Shome Thursday, 17/06/2021 | 10:51 GMT+2
Japanese flag
Japanese giant GMO has entered the non-fungible token (NFT) business with the establishment of a new joint venture. GMO Financial Holdings is the largest partner in the venture with a 73.46 percent stake while GMO Internet and Samurai Partners hold 12.24 percent and 11.02 percent, respectively.
The official press release published on Wednesday detailed that the Japanese giant will establish an NFT marketplace, called GMO Adam, through joint capital investment. According to the company, its new NFT business will help in âvalue creation and to enhance its corporate valueâ.
Is It a Good Time to Start NFT Business?
The conglomerate entered the NFT space at a time when the market saw a massive demand across spaces, from tech enthusiasts to celebrities. The newly brewed space has witnessed transactions worth billions of dollars over a few months.
However, many viewed the demand as another crypto bubble. Recent data also shows that crypto transactions related to NFTs decreased by 90 percent from the peak. But, the industry still remains promising as many well-known artists are launching their art on NFT markets.
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GMO Adam will leverage the network of Samurai Partners, which is a big name in local manga illustrations, to tap creators to launch their art on the marketplace.
âEntering crypto assets business has enabled GMO Internet to accumulate a customer base, expertise and blockchain technology. GMO Adam will make full use of them and is intended to release its new marketplace that will allow customers to trade NFT,â GMO stated.
GMO entered into the crypto business in 2017 with the launch of a cryptocurrency exchange. In addition, it is focusing on crypto payments, and one of its subsidiaries launched a Japanese yen-pegged stablecoin.
Meanwhile, other established crypto companies are entering the NFT space. Furthermore, Binance and local Japanese crypto exchange, Coincheck have opened their own NFT marketplaces.
Arnab Shome Thursday, 17/06/2021 | 10:51 GMT+2
Japanese flag
Japanese giant GMO has entered the non-fungible token (NFT) business with the establishment of a new joint venture. GMO Financial Holdings is the largest partner in the venture with a 73.46 percent stake while GMO Internet and Samurai Partners hold 12.24 percent and 11.02 percent, respectively.
The official press release published on Wednesday detailed that the Japanese giant will establish an NFT marketplace, called GMO Adam, through joint capital investment. According to the company, its new NFT business will help in âvalue creation and to enhance its corporate valueâ.
Is It a Good Time to Start NFT Business?
The conglomerate entered the NFT space at a time when the market saw a massive demand across spaces, from tech enthusiasts to celebrities. The newly brewed space has witnessed transactions worth billions of dollars over a few months.
However, many viewed the demand as another crypto bubble. Recent data also shows that crypto transactions related to NFTs decreased by 90 percent from the peak. But, the industry still remains promising as many well-known artists are launching their art on NFT markets.
Suggested articles
Get Paid to Learn about Cryptocurrency TradingGo to article >>
GMO Adam will leverage the network of Samurai Partners, which is a big name in local manga illustrations, to tap creators to launch their art on the marketplace.
âEntering crypto assets business has enabled GMO Internet to accumulate a customer base, expertise and blockchain technology. GMO Adam will make full use of them and is intended to release its new marketplace that will allow customers to trade NFT,â GMO stated.
GMO entered into the crypto business in 2017 with the launch of a cryptocurrency exchange. In addition, it is focusing on crypto payments, and one of its subsidiaries launched a Japanese yen-pegged stablecoin.
Meanwhile, other established crypto companies are entering the NFT space. Furthermore, Binance and local Japanese crypto exchange, Coincheck have opened their own NFT marketplaces.
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Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the ownerâs Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) âKim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. âEveryone should install an LED wall in their house for NFT art.â says the artist. â This is the future, and Mars House demonstrates the beauty of that possibility.â The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.
BiggieSmalls
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Originally posted on TikTok (@jigpx) on 2/20/21. 47.5m+ views, 3.2m+ likes (as of 4/22/21).