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Domestic CEX × NFT marketplace integration model

Confidence: Likely Updated 2026-05-19 Review by 2026-09-22 Sources 2 Machine-translated Original (JA)
#exchanges#cex#nft#marketplace#vasp
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This entry sits under exchanges index. Read it against Domestic CEX staking / lending services + regulation for peer / contrast context and FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for the broader system / regulatory boundary.

Overview

Domestic CEXs leverage the strength of holding a VASP license to operate NFT marketplaces (MPs) either in-house or via partnership. During the 2021-2022 NFT bubble period, each company entered all at once, but 2023-2026 has shifted into a clear phase of contraction and consolidation. Because the settlement layer needs to handle crypto assets, VASP-registered CEXs hold a structurally advantageous position.

Main services

  • Coincheck NFT (β · started 2021-03 ) — the pioneer of CEX-integrated NFT MPs. Supports ETH / Polygon, with partnerships with CryptoSpells / Sorare / The Sandbox, etc. Markets fee-free (Gas-less) trading.
  • Adam byGMO (started 2022-04 , GMO Internet group) — an NFT MP supporting Japanese-yen settlement. Strengthened copyright checks; focused on creator support.
  • LINE NFT (started 2022-04 , LINE Xenesis group) — linked with the LINE Friends ecosystem. Based on LINE Blockchain (Finschia → KAIA). Supports LINE Pay settlement.
  • Mercari NFT concept (Mercoin-related) — the possibility of connecting to Mercari sales proceeds discussed at the concept stage. A full-scale launch is unconfirmed.
  • Rakuten NFT (started 2022-02 ) — linked with Rakuten Points. Handling limited to entertainment / sports lines; an IP-focused, closed-type model.

Business model

  • Fee income: 2-10% of transaction value.
  • CEX customer inflow: cross-selling into crypto-asset trading with NFT purchases as the entry point. The main objective is to improve CAC.
  • Regulatory position: NFTs themselves are outside the VASP scope, but because the settlement currencies (ETH/USDC/JPY) pass through a VASP, the CEX-integrated type holds a structural advantage domestically.

Exit / contraction phase

  • 2023-2024: each company contracted due to the collapse of the NFT bubble + a sharp drop in active users.
  • 2026-06: the LINE NFT service is scheduled for full termination (accompanying the termination of the LINE Xenesis service as a whole).
  • Adam byGMO: reports of scale reduction (details unannounced).
  • Coincheck NFT: ongoing but maintaining the β label, with limited feature expansion.

International comparison

US platforms such as OpenSea / Magic Eden / Blur are independent MPs that presuppose connecting a crypto-asset wallet. Domestically, owing to VASP regulation and Japanese-yen settlement demand, a CEX-integrated original model has taken hold. This is an asymmetric structure of MP-led overseas vs CEX-led domestically.