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Sumitomo Mitsui Financial Group Japanese Bank is planning to develop NFT Business

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  • SMBC(Sumitomo Mitsui Financial Group) is ready to enter NFT Business. 
  • SBI acquired an NFT firm and renamed it SBINFTs.

SMBC (Sumitomo Mitsui Financial Group) is about to launch NFT Business in collaboration with HashPort, a Japanese Startup firm for Web3 development. The information about entering the NFT development space of SMBC through mutual collaboration with the Hashport firm came into the limelight on 22 July 2022. 

Sumitomo Mitsui Financial Group and Hashport will set up a Token Business lab for Researching, Developing, Demonstrating and Promoting Token Business.  After this collaborative development plan, Sumitomo Mitsui Financial Group extended its long-term goal of developing its fully owned token business. 

ALSO READ – Why Ethereum Shifting to Proof-of-Stakes—The Merge—is a Big Deal?

Moreover, this is not the first project of the Hashport company. It is already working in three different sectors, which are as follows:- Token Architect firm whose main purpose is to develop tokens for cryptocurrency issuance and analyse cryptocurrency audits. 

Hashport also owns a wallet service offering firm and a firm working in the NFTs development and promotion industry.   

Sumitomo Mitsui Financial Group is not the first Japanese firm to enter the Web3 and NFTs industry; before this, a famous financial giant, SBI, entered the space and acquired an NFT firm and renamed it as SBINFTs. 

In the first quarter of 2022, Animoca Brand (A Chinese Company) collaborated with the biggest financial group in Japan, Mitsubishi Financial group. But the working strategy of these two firms has not yet.

According to the reports of 22 July 2022, Animoca Brand has signed a treaty with The Sandbox, Alien world, Dapper Labs and Star Atlas to develop a borderless Metaverse.   

Conclusion 

The NFT industry is gaining popularity in the present era, and many financial and technological firms are expressing keen interest in developing NFT Tokens. The massive adoption of NFTS’s business can create hype and boost the crypto market. It is believed that the NFTs market in the upcoming years can beat the earnings of any other digital asset market. 

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