Japanese Software Giant Line Plans to Launch NFT Market Next Month

Japanese Software Giant Line Plans to Launch NFT Market Next Month – Line Corporation, a Japanese social networking and messaging software company, has announced the launch of a non-fungible token marketplace on April 13. The market will be known as “LINE NFT” and will feature “more than 100 types of NFTs,” according to a statement released by Line on Wednesday.

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Line Corporation merged with Softbank Group, Z Holdings, and Yahoo Japan in March 2021. Last week, reports surfaced that Z Holdings was developing a worldwide NFT marketplace which will operate in 180 countries, indicating that the merged business seeks to include the digital world in all areas.

Line revealed 13 days later that it is also creating an NFT marketplace called “LINE NFT.” According to Line’s news release, the market will have more than 100 different varieties of NFTs.

Also Read: Malaysian Ministry Proposes Legalizing NFTs to Boost Participation in Crypto Sector

According to the business, LINE NFT will open on April 13 and LINE app users would be able to access the marketplace through the app. Nissy (Takahiro Nishijima), Square Enix, and Yoshimoto Kogyo will all be present for the LINE NFT launch.

A Yoshimoto Kogyo Holdings special edition NFT video dubbed “Yoshimoto NFT Theater” will also be released at the event. While LINE NFT will only be available in Japan, reports claim that Z Holdings’ “DOSI” NFT marketplace will become global on April 19.

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Line’s entry into the blockchain sector dates back to 2018, when the corporation founded the “LINE Blockchain Lab.” Furthermore, a number of well-known Japanese brands and corporations, including Japanese entertainment conglomerates Square Enix and Konami Holdings Corporation, have entered the NFT industry.

Rakuten, the Japanese online retail behemoth, expects to establish an NFT marketplace this year, and Rakuten’s peer-to-peer NFT service would be available in 2023, according to the company.

Also Read: Paris Saint-Germain Soccer Club Files Trademark Application to Get Into the Metaverse and NFTs

In recent weeks, interest in non-fungible token (NFT) technology has plummeted, and sales have also slowed. Last week, however, NFT sales perked up and increased by 17% over the previous week.

Sales are up 50.71 percent in the last week, with $586,510,454 in NFT sales finalized, according to seven-day statistics. Users of the LINE app will be able to access the NFT marketplace, but NFTs will be stored in the company’s LINE BITMAX wallet.

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