GMO to Enter NFT Business with Establishment of a New Joint Venture

Fazzaco learned that GMO has established a new joint venture to enter NFT Business. 

As detailed in the official announcement, 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.

GMO plans to establish an NFT marketplace called GMO Adam, which will help in ‘value creation and to enhance its corporate value’.

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. At the same time, other established crypto companies are entering the NFT space. Furthermore, Binance and local Japanese crypto exchange, Coincheck have opened their own NFT marketplaces.