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Japanese social media and messenger software Line Corporation launches NFT marketplace “LINE NFT”

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Indrani bose Follow

INDIA

Mar, 25 2022

Mar, 25 2022

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Japanese social media and messenger software company Line Corporation is launching its non-fungible token (NFT) marketplace on April 13. On Wednesday as per Line, the market will be referred to as “LINE NFT”. It will exhibit over one hundred kinds of NFTs.

The platform LINE NFT will run on the company's proprietary network LINE Blockchain. Users who mint NFTs on the platform will have to keep them on the LINE BITMEX wallet. As such, NFT trade among customers will solely be feasible through the proprietary Line wallet service. LINE NFT will launch on April 13, and LINE app customers will be in a position to use the marketplace through the app, the organization details. When launched, LINE NFT will be the latest online mall devoted to crypto-collectibles which will solely function in Japan.

As the phase of the LINE NFT launch, the marketplace has secured partnerships with quite a few primary corporations in the entertainment sector. Some of the launch companions consist of famous entertainment franchise Yoshimoto Kogyo, mentioned video game developer Square Enix, and famous manga Patlabor. The LINE NFT launch will also see participation from Nissy (Takahiro Nishijima). The launch will also feature a limited edition NFT video by Yoshimoto Kogyo Holdings. “Yoshimoto NFT Theater.”

In March 2021, Line Corporation executed a merger with Softbank Group, Yahoo Japan, and Z Holdings. The merged organization aims to consist of the digital world from all elements.  Reports published that Z Holdings used to be launching an international NFT market that will function in one hundred eighty countries. 13 days later, Line introduced the agency is additionally launching an NFT market known as “LINE NFT.” Line’s press launch notes that the market will show off extra than one hundred sorts of NFTs.

Other launches are done in this area:

In 2018 the agency launched “LINE Blockchain Lab”. Furthermore, Japanese entertainment conglomerates Square Enix and Konami Holdings Corporation entered into the NFT industry. This year, the Japanese online retail massive Rakuten plans to launch an NFT marketplace, and the company additionally stated Rakuten’s peer-to-peer NFT provider will be prepared in 2023. Firms like Animoca Brands also constructing comparable structures in Japan.

The launch will additionally consist of the sale of Yoshimoto Stamp NFT as well as a limited series of NFT movies from Yoshimoto. There are plans to integrate NFTs into Line's messaging service after the launch. Line additionally has plans to consist of NFTs into its official stamps and stickers. Other planned elements consist of using digital collectibles as prizes on several social media campaigns.


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Indrani bose

CBW - External Analyst

INDIA

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