LINE Officially Launches Its Own NFT Marketplace, As Many As 40,000 Collections Will Be Offered To Users

LINE launches its own NFT marketplace. (LINE)

JAKARTA – LINE is a social media giant based in Japan, recently LINE officially launched an NFT marketplace using the name LINE NFT.

According to Cointelegraph, partnering with Yoshimoto Kogyo, a large Japanese entertainment conglomerate — LVC Corporation, cryptocurrency and blockchain manager Line — will offer around 40,000 different NFTs to its 90 million users.

The soon-to-be-released first wave of NFT will include videos from the company's own, Yoshimoto NFT Theatre, as well as character depictions from the hit anime series, Patlabor the Mobile Police, with more to be offered in the months to come.

Users will store their purchased NFTs in the LINE BitMa wallet, a product offered in conjunction with the BitMax crypto exchange. The app adds NFT capabilities to a growing list of crypto-ready features, after introducing an option that allows users to pay for items with their native LINK (LN) token at one of the online merchants LINE Pay, earlier this year.

Line has a reputation for being one of the first major tech companies in Japan to adopt cryptocurrency and blockchain technology, having launched its own crypto exchange in 2018.

NFT is becoming increasingly popular across Japan, despite relatively strict crypto regulations. Japanese financial services conglomerate Nomura Holdings is the latest major player in the country to develop an action plan to implement NFT.

Earlier this year, major Japanese e-commerce company Rakuten announced the launch of its own NFT trading platform, Rakuten NFT.