Japanese social network Line to launch NFT trading platform

The Japanese NFT market will be launched on April 13

Japanese messaging giant Line is set to launch its non-fungible token (NFT) marketplace on April 13 by partnering with several entertainment companies in the country.

The platform, dubbed LINE NFT, will operate on the company’s own LINE Blockchain network. Users issuing NFTs on the platform will be required to store them in the LINE BITMAX wallet. Thus, the exchange of NFTs between users will only be possible through Line’s own wallet service.

LINE NFT cooperates with many companies

As part of the launch of LINE NFT, the marketplace has established partnerships with several major entertainment companies. Launch partners include popular entertainment franchise Yoshimoto Kogyo, renowned video game developer Square Enix, and popular manga Patlabor.

The launch will also include the sale of the Yoshimoto Stamp NFT, as well as a limited collection of Yoshimoto’s NFT videos. After launch, it is planned to integrate NFT as avatars into the Line messaging service.

Line also plans to include the NFT on its official stamps and stickers. Other planned features include the use of digital collectibles as prizes in numerous social media campaigns.

Once launched, LINE NFT will be the newest online trading center dedicated to crypto collecting in Japan. Firms such as Animoca Brands and Rakuten are also building similar platforms in Japan.

According to a report from Coinpost on Wednesday, the Line platform is separate from the Z Holdings NFT DOSI global platform, which will be launched later in the spring.

The platform will be available in more than 180 countries and is part of the company’s efforts to meet medium-term revenue targets.

Both Line Corp. and Z Holdings are subsidiaries of SoftBank with Z Holdings, the result of a Line Corp. merger. and Yahoo Japan, acting as the internet arm of the conglomerate.

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