Social Media Giant LINE to Launch NFT Marketplace

Social Media Giant LINE to Launch NFT Marketplace
  • Line is launching a NFT marketplace on April 13.
  • LINE Bitmax wallet will be used to transact and store NFTs.
  • Future plans involve purchase privilege and campaign giveaway, storing NFTs to line social media app, and include its NFT into its stamps and stickers.

Japanese messaging platform LINE will launch its non-fungible token (NFT) marketplace on April 13. The marketplace has partnered with 17 major companies in the entertainment sector, including Yoshimoto Kogyo Holdings, a noted video game developer Square Enix, and popular manga Patlabor. 

Line blockchain lab, established by LINE in 2018, has been taking part in blockchain research and development. NFT purchased and minted with Line NFT will become available in LINE Bitmax wallet. NFT transactions between registered Line users are possible through the Line wallet service.

According to reports, over 100 types of NFT will become available, including Yoshimoto Stamp NFT and a limited collection of NFT videos from Yoshimoto. After the marketplace launch, LINE also plans to merge NFTs as avatars on Line’s messaging service. Eventually, they plan to allow NFT as a “purchase privilege” and “campaign giveaway”, place NFT to line messaging apps, and incorporate NFTs with LINE stamps and stickers.

LINE is a subsidiary of Z Holdings, a company controlled by SoftBank Group. Last Wednesday, Z Holdings also announced a separate platform to expand its NFT for overseas markets. The company also disclosed its partnership with 26 companies from different fields. These include DOSI games and entertainment, a global NFT platform. 

Companies and creators can create brand stores and global communities on DOSI. Moreover, this will become accessible in 180 countries worldwide in the first half of 2022. 

After its launch, LINE NFT will arguably become the newest online mall devoted to crypto in Japan. Companies like Animoca Brands and Rakuten also expressed the same interest, as they’ve also developed similar platforms in the country.

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