LINE Blockchain Fires Up NFT Marketplace

LINE Blockchain Fires Up NFT Marketplace

The number one social networking app in Japan will allow users to purchase NFTs through a built-in marketplace.

LINE has been involved in the blockchain industry since 2020, with the debut of its digital wallet and a blockchain platform for developers. At the end of 2021, the company teased its NFT marketplace, preparing for launch next year.

Based on the official news report, LINE has officially launched its NFT Marketplace for Japanese customers, in partnership with the Yoshimoto Kogyo media conglomerate, and the creators of the animated series Patlabor.

The marketplace will be powered by LINE's blockchain provider LVC which aims to "provide NFT and other blockchain services and technologies that can be applied practically to users’ daily lives." It will allow users to manage their digital asset collections directly on the platform, place them in the native BITMAX wallet, and send/trade/showcase NFTs on LINE’s social networking app.

The NFT marketplace will debut by launching a digital collection featuring video snippets from Yoshimoto Kogyo’s entertainment products, and characters from the Patlabor Mobile Police. 

There are about 40K digital collectibles ready to mint, with additional commemorative NFTs, featuring the Japanese retired gymnast Kohei Uchimura, available on April 20th. Currently, the Patlabor digital collectibles sell for an average of 8,100 Japanese Yens (approximately $65), with the Yoshimoto Theater NFTs going for around 3000 JPY (~$24).

Back in February, LINE Pay announced plans to pilot its native token and hinted at payments with Bitcoin and Ethereum.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree