TL; DR Breakdown
- LINE launches NFT marketplace
- The company partners with BitMax for its NFT wallet
- Japanese are embracing NFTs
The non-fungible token sector has become the most sought-after sector in the crypto market. This is due to the many opportunities to make money present in the fast-rising sector. With this, more traders continue to make an appearance in the sector. In a bid to provide Japan-based users with this service, messaging platform based in Japan, LINE, has announced the launch of its NFT marketplace.
LINE partners with BitMax for its NFT wallet
As per the announcement, the marketplace LINE NFT will serve users across Japan with unique NFT services. The announcement also talked about the company inking a partnership with another entity, Yoshimoto Kogyo, to achieve its aim. With the new update, LINE intends to provide more than 40,000 NFTs on its platform, open to over 90 million users.
The announcement also talked about the first few NFTs that will grace the platform, with the company setting its sights on videos from Yoshimoto Theatres. Asides from that, there will also be NFT depicting Patlabor, the mobile police. Also, LINE has mentioned that it will debut more NFTs on the platform as time goes on.
Japanese are embracing NFTs
LINE has also provided storage space for users who purchase NFTs on the platform with the BitMa wallet owned by the company. According to the announcement, the BitMa wallet project was worked on by both LINE and BitMax, a renowned crypto exchange in the market. The app continued to redevelop and redefine its provision to suit what the hungry crypto crowds are moving towards.
Some of the new features rolled out in the last few months included payment for items using digital assets. Notably, traders can only pay with LINK token, the digital asset of the platform across several merchants in the country. LINE has continued to make waves across the Japanese market, with the payment app carving out an early crypto division some years back.
This can be buttressed by the creation of its in-app exchange in 2018. Although Japan has been tight-lipped on regulating crypto recently, there has been a rush to own an NFT or another among the Chinese crypto population. One of the most popular entrants in the Japanese NFT market is Nomura Holdings, which provides financial services. Besides those, Rakuten also announced the launch of its NFT marketplace a few months ago.
