LINE, a Japanese messenger app, has successfully launched its first non-fungible token (NFT) marketplace that will now offer tokens in diverse fields such as sport and entertainment. The new NFT marketplace will operate on the company’s proprietary network, LINE Blockchain.
According to the social media firm, the new NFT marketplace will be a hub for Line’s NFTs, consisting of over 100 types and 17 partners.
Users will store their NFTs on LINE Bitmax Wallet, while transactions will use digital assets and credits cards. In this case, participants purchasing NFTs from the LINE NFT marketplace can now exchange them with registered friends on the LINE messenger app. NFTs will operate as Avatars for messaging services in the future.
In a related development, Z Holdings, Line’s parent company, has confirmed ready plans to launch a similar NFT marketplace, DOSI. According to Z Holdings, the highly anticipated NFTs will be an intercontinental platform available in more than 180 countries.
Unfortunately, Japanese participants will only have access to the limited version, LINE NFT. Countries like the Philippines, Russia, China, and Hong Kong will not enjoy DOSI NFT.
While commenting about the crypto development, Kentaro Kawabe, co-chief executive at Z Holding, said:
“It is possible Web3 will herald a world where life is completely different, and we don’t want the company to miss out on the huge growth opportunity.”
Although the LINE NFT marketplace strategic plans are entirely different from the Z Holding plan, they somewhat resemble Rakuten’s NFTs plans. Just like Rakuten, LINE will allow participants to exchange digital assets based on Japanese anime and TV shows.
LINE NFT Marketplace Overview
The Japanese social media giant hopes to incorporate NFTs into its official engraving and stickers. It also plans to offer digital collections for rewards on social media platforms, allowing the use of NFTs as profile pictures.
In that context, LINE has successfully partnered with notable companies like entertainment firm Yoshimoto Kogyo, game designer Square Enix, and B League to develop its marketplace. The NFT now features the sale of Yoshimoto Stamp NFT and a limited collection of NFT videos from Yoshimoto.
Notably, the Japanese market has had a reputation for hosting many technological inventions, interests, and investments. In this context, the move left crypto development and adoption of NFTs soaring in 2021.
Several Japanese-based organizations have announced that they would make more crypto developments, including advancement in Web3. Yoshimoto Kogyo Holdings is a perfect example, revealing that it wants to launch its limited-edition Video NFT.
Yoshimoto NFT Theatre will debut alongside Yoshimoto Stamp NFT at the LINE NFT market launch in April. Rakuten launched its NFT marketplace on February 25.
The Japanese social media platform has said that its newly launched NFT marketplace will offer tokens in diverse fields such as sports and entertainment. It will also characterize a versatile and unique platform that supports IP holders to build their websites offering NFTs.
NFTs Market Health
Despite gaining some interest from several companies, the NFTs market plunged in the past week, with sales dipping since mid-February levels. Last week, NFT sales soared sharply, surging 17% from the previous week. The comprehensive data analysis from the past seven days confirms that NFT sales have exploded 50.71%, with a sale volume of $586,510,454.
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