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Japanese social media giant LINE to launch NFT Marketplace

Just last week, Chinese social media platform Weibo (NASDAQ:WB) launched its NFT marketplace called TopHolder. This week, Japanese messaging giant Line revealed that it would debut its NFT marketplace on April 13.

Dubbed LINE NFT, the platform will utilize the company’s proprietary LINE blockchain. Consequently, traders will have to store their NFTs on the LINE BITMAX wallet. Customers will be able to make NFT purchases using credit cards as well as with cryptocurrencies like Bitcoin.

LINE

Credits: Line

The Line app is big in Japan. In the 10 years since its launch, Line has become the leading social platform in the country, with roughly 68% of the population on the app. Apart from YouTube, no other social network has been able to rival Line’s hold on the Japanese market.

Line started as a mobile messaging app, but has since evolved into a “super app” of sorts, with a mission to become the “life infrastructure” for its users.

The app’s portfolio includes everything from news and social feeds to banking and healthcare services.

Until recently, it’s been a little too complex for businesses abroad to market on the app. But with its ownership eyeing global growth, that’s changing. Official Accounts have been streamlined and more information is now available in English.

NFT adoption has seen rapid growth this year as many major industry players have announced their plans regarding the digital assets and virtual market.

nft

Image Source: Zephyrnet

Established in 2018, LINE Blockchain Lab focuses on providing a platform where developers can register and issue NFTs, and build services. The company also provides a ‘LINE BITMAX Wallet’ to the users which they can use to store digital assets. However, it is only possible to exchange NFTs with the users registered on LINE. The platform aims to support and sells more than 100 types of NFTs.

The company mentioned its future plans to give NFT grants as purchase benefits and integrate the whole network with the digital assets. Meanwhile, it also added that ‘Yoshimoto NFT Theater’ and ‘Yoshimoto Stamp NFT’ will go on sale after the launch of the marketplace.

The launch will also include the sale of Yoshimoto Stamp NFT as well as a limited collection of NFT videos from Yoshimoto. After the launch, there are plans to integrate NFTs as avatars on Line’s messaging service.

Line also has plans to include NFTs into its official stamps and stickers. Other planned features include using digital collectibles as prizes on numerous social media campaigns.

When launched, LINE NFT will be the latest online mall dedicated to crypto-collectibles in Japan. Firms like Animoca Brands and Rakuten are also building similar platforms in Japan.

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