Coincheck, a Tokyo-based cryptocurrency exchange, announced today that it has acquired 100% share of Metaps Alpha, a blockchain firm that has been offering an on-chain NFT marketplace called miime since September 2019. Earlier this week, Coincheck announced that it will list non-fungible tokens (NFTs) by Chiliz and socios.com on its NFT platform.
According to the official press release, Coincheck is planning to expand its NFT marketplace with the recent acquisition of Metaps Alpha. The exchange also outlined the scalability issues in the expansion of the NFT marketplace related to the transaction processing on the Ethereum blockchain. Coincheck mentioned that it is currently working on the development of an off-chain NFT marketplace that does not have a gas fee.
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“With the increase in demand for Ethereum last year and the emergence of scalability problems, a number of different products are being promoted in countries around the world. Against this backdrop, Coincheck decided to provide both an off-chain and on-chain NFT marketplace based on the thinking that this would help develop the business quickly in Japan and overseas. As part of this effort, Coincheck has decided to acquire Metaps Alpha Inc., a company that has been offering an on-chain NFT marketplace called miime since September 2019, and make it into a subsidiary,” the official announcement states.
Growing NFT Market
NFT market has grown substantially since the start of 2020. Finance Magnates earlier reported about several partnerships between leading global football clubs and Chiliz through socios.com. “20 leading sporting organizations have partnered with Chiliz to launch Fan Tokens on Socios.com, including FC Barcelona, Juventus, Paris Saint-Germain, and AC Milan. Socios.com has been downloaded by more than 450,000 people, 14M Fan Tokens have been sold, and over 700,000 votes registered on the app in 1 year. Fan Tokens generated $30 million for clubs and partners globally in 12 months and are set to become a powerful new revenue stream for the global sports and entertainment industry,” Chiliz mentioned in a partnership announcement with Coincheck earlier this week.