Line was quick to understand the importance of adopting blockchain technology. It launched its own exchange in 2018, becoming one of the first major companies to adopt cryptocurrencies in Japan. The company is currently setting out to conquer the very lucrative NFT sector by launching its own marketplace. Explanations.
Launch of LINE NFT
The Line app recently launched its own NFT Marketplace called LINE NFT. Indeed, Line’s cryptocurrency and blockchain manager, LVC will offer nearly 40,000 different NFTs to its 90 million users. This launch will be in association with the country’s major entertainment conglomerate, Yoshimoto Kogyo. Videos from the Yoshimoto NFT Theater will be available in the first wave of NFT offered. There will also be representations of characters from the animated series Patlabor The mobile police.
Users will be able to store their assets in a special wallet called LINE BitMa. This wallet was created by Line in partnership with the BitMax cryptocurrency exchange. Japan’s most popular messaging app is adding NFTs to its list of crypto-friendly features.
It had already, earlier in the year, integrated an option allowing users to buy goods with its LN token from merchants on its LINE Pay platform.
A sector that interests more than one
The NFT sector is a very lucrative sector that continues to attract thousands of people. Non-Fungible Tokens are growing in popularity in Japan, despite the country’s regulations regarding digital assets.
The giant Rakuten, specialized in electronic commerce, after integrating cryptocurrencies as a method of payment in its systems, is entering this market. Indeed, earlier this year, it launched its own NFT trading platform which it named Rakuten NFT. Its sales and purchase platform will be specially dedicated to the exchange of NFTs from the field of sports, the field of manga and the field of music. These targeted domains are very popular entertainment domains in Japan, therefore very lucrative.
The company’s platform Rakuten will also highlight the NFT creations of its users. A peer-to-peer NFT distribution and sale service will be made available to them.
Japan’s most popular social messaging app is launching its own NFT marketplace, teaming up ahead of other big-name companies. It is thus setting out to conquer a booming sector already targeted by more than one. Several large companies do not hesitate to invest and innovate in order to gain a good place in the sector.
Source : Cointelegraph
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Japan: Line creates its own NFT marketplace
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