Why is this Japanese Bank seeking ground across the world through the NFT marketplace?

Softbank Group Corporations, a Japanese multinational conglomerate planning to bring its services to the international level

The multinational banking giant has collaborated with once search engine giant Yahoo, resulting in Yahoo Japan corporations famously known as Z Holdings Corporations. Now, this internet arm of SoftBank group is putting efforts towards expanding its global presence, for which the firm is betting on NFTs and its payment service PayPay. 

Last year SoftBank merged one of Asia’s most popular messaging apps Line Corp. with Yahoo Japan. This merger was to create an e-commerce and giant social media platform that could compete with world tech leaders. 

Now Z Holdings come with plans to launch an NFT market that would reach 180 countries and spend a huge amount of capital on it. All this would be done to achieve the goal of double the current 90 million users of its fintech unit PayPay. 

Z Holdings makes most of its revenue through spending and mobile ads, and now it’s focused on expanding further, for which it has decided to spend a five-year budget that goes roughly 500 billion Yen, approx $4.3 billion. As the announcement went out, the share price of the company spiked approx 7.8% on Thursday, which is their biggest gain in 24 hours since November. 

Similar effects were seen on the share price of SoftBank, which rallied up to 4%, and also on Naver Corp., which owns part of Z Holdings, whose price went up by 9%. 

Undoubtedly Web 3 became a broader term for new technological aspects to evolve. Lately, it has seen the growth of numerous blockchain-based projects, be it applications providing cryptocurrencies and exchange services, decentralized finance, and even trading of digital assets and NFTs. The popularity of the concept itself has risen to tremendous levels with the support of marketing and endorsement done by celebrities and huge investments by various capital venture firms like Andreessen Horwitz, Sequoia Capital, and a lot more. 

In an interview, the co-chief executive at Z Holdings, Kentaro Kowabe, said that Web 3 might be a messenger of a new world where life would have completely different aspects. The company officials don’t want to miss out on this huge potential growth opportunity. He further said that the company would not step back from taking possible measures from merger and acquisition deals which would help in boosting the company’s presence. 

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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