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 ‘value creation and to enhance its corporate value’.

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.

“Entering 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,” 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.
Arts

https://www.financemagnates.com/cryptocurrency/news/gmo-enters-nft-business-forming-a-new-joint-venture/

Interesting NFTs
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
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