Friday, October 7, 2022

Japanese Social Media App LINE launches its NFT Marketplace

Popular Japanese messaging app, LINE, has joined the Non-Fungible Token (NFT) ecosystem with the launch of its own comprehensive marketplace, billed to take off on the 13th of April.

The NFT marketplace named LINE NFT will be powered by the company’s blockchain – LINE blockchain. With collaboration from a number of entertainment franchises and organizations in the country, the virtual marketplace will offer over a hundred NFTs for sale at launch. There are also plans to introduce NFTs as avatars on LINE’s social media app which currently has over 90 million registered users.

The digital assets and other collectibles from the marketplace will be stored in the company’s LINE BITMAX wallet. The blockchain wallet is majorly for managing digital assets of which NFTs have now been added. It can also be used to send digital assets to friends on LINE or to several other wallets. NFTs can also be exchanged by only registered users of LINE.

In an effort to offer a robust virtual market, the Tokyo-based company has secured partnerships with major entertainment companies like Yoshimoto Kogyo, Square Enix (popular video game creator), Mobile Police Patlabor, B. League, and others, to offer a variety of NFTs for sale. In addition to the various digital assets available to users to trade, users can also mint their own NFTs.

The launch will also offer sales of popular Yoshimoto’s NFTs and a record of videos of popular entertainer Nissy. There are plans to also use the NFT as rewards for purchases and campaign prizes and use NFTs on LINE stamps.

Meanwhile, Z Holdings, a subsidiary of the conglomerate, will also build a similar NFT marketplace, DOSI, and make it available in over 180 countries. SoftBank will, through collaboration with its other companies also continually provide a range of digital assets-related experiences.

NFT acceptance and adoption have increased tremendously this year as some of the traditional industry brands have announced their plans as regards virtual market and digital assets. The announcement of LINE NFT follows shortly after the Japanese Rakuten Group launched a similar marketplace in February.

LINE PAY Corporation also introduced LINK to power crypto payment last month, showcasing the broad-based integration of the LINE messenger crypto ecosystem

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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