By
Chimamanda U. Martha
April 17th, 2024
The Japanese electronic company said its NFT marketplace would offer tokens in diverse fields such as sports and entertainment.
Top Japanese messenger app Line has announced that its NFT marketplace will be debuting on Wednesday. Tagged LINE NFT, the marketplace will be a hub for Line’s NFTs, which consists of over 100 types, and 17 partners. The platform will operate on the company’s proprietary network, LINE Blockchain. Users will store their NFTs on the LINE Bitmax Wallet. Transactions on the LINE NFT marketplace will be done using cryptocurrencies and credit cards. Anyone that purchases NFTs from the LINE NFT marketplace can exchange them with friends who are registered users on the Line App. NFTs will be coordinated as Avatars for Line’s messaging services in the future.
Z Holdings, Line’s parent company, also plans to launch a similar marketplace called DOSI. It will be an intercontinental version of the NFT platform and available in 180 countries. On the other hand, the Japanese will only have access to the limited version, LINE NFT. However, the DOSI NFT will not be accessible in the Philippines, Russia, China, and Hong Kong. The reason is that it is not enlisted in these markets. Kentaro Kawabe, co-chief executive at Z Holdings, 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 plans are solely independent of Z Holding’s plans, they are similar to Rakuten’s NFT plans. Similar to the marketplace, Rakuten’s marketplace will also allow users to exchange digital assets based on Japanese anime and TV shows.
The LINE NFT Marketplace
Further outlining the launch plans, Line hopes to incorporate NFTs into its official engraving and stickers. It plans to offer digital collections for rewards on social media platforms, allowing the use of NFTs as profile pictures. Companies looking to partner with LINE on its new marketplace include entertainment firm Yoshimoto Kogyo, game designer Square Enix, B League, and more. The launch will feature the sale of Yoshimoto Stamp NFT and a limited collection of NFT videos from Yoshimoto.
Japan has a reputation for technological inventions, interests, and investments. Little wonder why the crypto development and adoption of NFTs have been soaring since 2021. Several organizations have announced digital assets and joined the Web 3 platform. Yoshimoto Kogyo Holdings has already announced its limited-edition video NFT “Yoshimoto NFT Theatre” that will debut alongside Yoshimoto Stamp NFT at LINE NFT marketplace launch on April 13th. Rakuten also announced its NFT marketplace on February 25th.
The Japanese electronic company said its NFT marketplace would 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 website for offering NFTs.
Despite these interests, NFTs technology plunged in the past weeks, with sales dipping in mid-February. Last week, NFT sales made headway, surging 17% from the previous week. Sales data from the last seven days illustrates a 50.71% jump with a sales volume of $586,510,454.