Japanese e-commerce platform Mercari has introduced its own non-fungible token (NFT) marketplace, “Mercari NFT.”
The new platform allows users to buy and sell popular NFTs already listed on OpenSea. Currently, the marketplace features a range of collections, including anime-based digital assets.
Mercari NFT integrates with the Mercari e-commerce platform, allowing users to use their sales balance to purchase NFTs without needing a crypto wallet or creating a new account.
Looking ahead, Mercari has plans to collaborate with businesses and intellectual property (IP) holders in Japan and abroad. The company aims to issue and sell NFTs featuring trading cards, art, and entertainment-related content.
This launch coincides with a challenging period for the NFT market. According to a recent DappRadar report, the NFT market has experienced sharp declines in 2024. Trading volumes and sales have dropped to their lowest levels since 2020.
Factors contributing to this downturn include regulatory uncertainty and increased scrutiny from authorities.
In recent months, the U.S. Securities and Exchange Commission (SEC) has ramped up enforcement actions within the NFT space.
In September, the SEC issued a Wells notice to the NFT project CyberKongz, alleging securities law violations related to token use in blockchain gaming.
Other notable cases include a Wells notice sent to OpenSea in August and another to Immutable in November, potentially linked to its IMX token.
These actions have sparked calls for clearer regulations. Two artists filed a lawsuit against the SEC in July, seeking clarification on whether NFTs should be treated as securities. Meanwhile, the Digital Chamber, a U.S. blockchain advocacy group, has urged Congress to classify certain NFTs as consumer goods rather than securities.
