Line Launches Its First-ever NFT Marketplace in Japan

UTC by Sanaa Sharma · 2 min read
Line Launches Its First-ever NFT Marketplace in Japan
Photo: Shutterstock

This year in February, Line for the first time enabled users to expend for items with its indigenous token (LN) at any of Line Pay’s online merchants.

Line, a popular social media application prominent in Japan, has formally revealed its own Non-Fungible Token (NFT) marketplace. Called the “LINE NFT”, the launch of this NFT comes after an influential Japanese entertainment giant Yoshimoto Kogyo collaborated with the social media company.

LVC Corporation, Line’s group company that looks after its crypto assets and blockchain business units, is all set to provide around 40,000 exclusive Non-Fungible Tokens to the ninety million users of the application.

Initially, the first bunch of Non-Fungible Tokens will consist of several videos from the organization’s in-house, Yoshimoto NFT Theatre, along with renditions of characters from the famous anime series Patlabor the Mobile Police. There will be many more NFT drops with exciting offers planned for the next few months.

Users can hold their traded NFTs in the Line BitMax wallet, as a result of the partnership of Line and crypto exchange BitMax. In August 2020, Line launched its native token LINK (LN) on the popular crypto exchange BitMax. LN was the 6th crypto token accepted and traded on BitMax, after Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin. The application also offers NFT capabilities to an ever-increasing checklist of crypto-ready attributes.

This year in February, Line for the first time enabled users to expend for items with its indigenous token (LN) at any of Line Pay’s online merchants. In an announcement, Line Corporation stated that from 16th March, users will have an option to pay with a native LINK token. Since this was supposed to be a trial run, it ends on the 26th of December, 2022. This will help the firm determine real-life use cases for the digital token as well as improve the user-friendly nature of the application.

Founded in South Korea, the application has experienced massive popularity in Japan. The company is known as one of the most progressive technology firms in Japan that have adopted the crypto space with great fervor. Line also inaugurated its very own cryptocurrency exchange in 2018.

Non-Fungible Tokens are gaining immense attention not only in Japan, but all around the world. Even with several stringent rules and mandates levied by authorities in the country, Japanese people and companies have not stopped conforming to the crypto space with time. Recently, the Japanese financial services conglomerate Nomura Holdings became the latest significant player in the country to expand on a plan for authorizing and enforcing NFTs.

Altcoin News, Blockchain News, Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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