Chat App Line Launches NFTs Marketplace in Japan

The Japanese messaging giant, Line has expanded its services into the cryptocurrency space by launching a non-fungible token (NFT) marketplace. Announced on Wednesday, the platform is available only in Japan and is operated by LVC Corporation, operator of LINE's crypto asset and blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term businesses.

Dubbed LINE NFT, the marketplace will offer a range of digital content, allowing users to buy and trade NFTs.

Additionally, the chat app partnered with the Japanese entertainment conglomerate, Yoshimoto Kogyo Holdings Co. Ltd. for its NFT marketplace. The entertainment house will provide exclusive content on the new marketplace under the label Yoshimoto NFT Theater. In addition, it will include NFTs from the classic Japanese anime series Patlabor the Mobile Police and several other popular characters.

An Early Adopter of Crypto

Line was one of the mainstream technology companies that adopted cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term at an early stage. It launched a crypto trading platform in 2018 and gained approval from the Japanese financial market supervisor in the following year.

At launch, the NFT marketplace of the chat app is offering around 40,000 NFTs. The platform has plans to expand its offering with exclusive content from the Japanese entertainment space.

Users of the platform can store purchased NFTs in their LINE BITMAX Wallet, which they can register directly from their Line account. Moreover, Line users can send and exchange NFTs with other users of the platform.

Furthermore, the announcement revealed that LVC has plans to collaborate with LINE family services in the future and with other group companies to offer NFT services.

Meanwhile, several Japanese platforms have jumped into the NFT space recently. Major internet company, Rakuten launched a similar NFT marketplace last February to enhance its crypto presence. But, Japanese companies are not alone as several global platforms like eToro and NAGA have also dived into the NFT space.