Japanese e-commerce platform Mercari has launched its personal non-fungible token (NFT) market, “Mercari NFT.”
The brand new platform permits customers to purchase and promote standard NFTs already listed on OpenSea. At present, {the marketplace} incorporates a vary of collections, together with anime-based digital property.
Mercari NFT integrates with the Mercari e-commerce platform, permitting customers to make use of their gross sales steadiness to buy NFTs while not having a crypto pockets or creating a brand new account.
Trying forward, Mercari has plans to collaborate with companies and mental property (IP) holders in Japan and overseas. The corporate goals to concern and promote NFTs that includes buying and selling playing cards, artwork, and entertainment-related content material.
This launch coincides with a difficult interval for the NFT market. In line with a latest DappRadar report, the NFT market has skilled sharp declines in 2024. Buying and selling volumes and gross sales have dropped to their lowest ranges since 2020.
Elements contributing to this downturn embrace regulatory uncertainty and elevated scrutiny from authorities.
In latest months, the U.S. Securities and Trade Fee (SEC) has ramped up enforcement actions inside the NFT house.
In September, the SEC issued a Wells discover to the NFT mission CyberKongz, alleging securities legislation violations associated to token use in blockchain gaming.
Different notable instances embrace a Wells discover despatched to OpenSea in August and one other to Immutable in November, probably linked to its IMX token.
These actions have sparked requires clearer rules. Two artists filed a lawsuit towards the SEC in July, searching for clarification on whether or not NFTs ought to be handled as securities. In the meantime, the Digital Chamber, a U.S. blockchain advocacy group, has urged Congress to categorise sure NFTs as client items quite than securities.