Japan’s Messaging Platform LINE to Launch NFT Marketplace

Japanese social media and messaging platform LINE has launched its Non-Fungible Token (NFT) marketplace dubbed LINE NFT which is set to officially go live on April 13.


The launch of the LINE NFT platform is in line with the company’s long-standing quest to be a major player in the blockchain industry, and with the marketplace, it will be able to provide a better alternative to all of its 90 million monthly users to participate in the growing NFT ecosystem.

Through LINE NFT, users can purchase digital art and trade them at will. Per the launch schedule revealed, the marketplace will feature a total of 100 collectables at launch encompassing 7 genres and curated from a total of 17 content creators. These content platforms include but are not limited to the popular Yoshimoto Kogyo.

LINE has an active blockchain research lab which it floated back in 2018 and has done impressive research to encompass the key emerging offshoots of blockchain technology. As a part of its strides, the social media giant launched the “NFT Market β” where NFTs based on LINE Blockchain can be traded.

The advent of the Beta market exposed and prepared the company for the launching of the LINE NFT. While the total number of collections seem limited at first, the social media platform affirmed plans to increase the collection library through an active partnership with key players with vested interests in the space including SoftBank Corp. and Z Holdings Corp.

The NFTs secured through the LINE NFT platform will be compatible for storage on its digital wallet dubbed the LINE BITMAX WALLET.

Based on its popularity amongst the Japanese population as well as its regulatory standing in the Asian nation, the LINE NFT marketplace is poised to serve the citizens better than other traditional digital collectable trading platforms such as OpenSea, Rarible, and LooksRare.

Image source: Shutterstock


Tagged : / / /

LINE to Offer BTC, ETH for Payment Options and Introduce token in March

Messenger app LINE is considering adding cryptocurrencies to its payment options and officially launching its native LINK token (LN) in March.

Per its announcement, users can use “the LINK at some LINE Pay online merchants during a trial period from March to December 2022 in Japan.”

Although users can choose both LN for payment on the Line pay software, the token and Chainlink (LINK) are two different cryptocurrencies.

The LN was officially launched in 2018 based on its own blockchain network, LINE Blockchain. Users can pay commissions through LINK or LINE Pay accounts or bank accounts when trading crypto assets.

According to Coinmarketcap, LN was trading at $144.80 during the intraday, up over 20% in the past 7 days.

In August 2020, LINE launched a new blockchain digital wallet that can be used to manage various crypto assets.

The digital wallet, dubbed BITMAX, can be used to combine digital tokens coming from different blockchain services into a single wallet.

The company said it will connect the link token to LINE Pay as a payment solution, test the token’s in reality, and increase the convenience and number of payment options for users.

LINE Pay Corporation is the operator of FinTech services for the LINE Pay digital wallet and LINE messaging app.

As reported by Blockchain.News on October 20,  LINE was developing a platform to aid Asian central banks in their pursuit of central bank digital currencies (CBDC).

Image source: Shutterstock


Tagged : / / / / / / / / / /

Japan-based messaging app will offer trial run of native token starting in March

Users of Japanese messaging giant LINE will soon be able to use the app’s native token for payments at select online merchants in a limited trial.

In a Tuesday announcement, the LINE Corporation said that starting on March 16, users would have the option of paying with native LINK token (LN) — not to be confused with Chainlink (LINK) — at any of LINE Pay’s online merchants. The trial period, which will run until Dec. 26, is aimed at testing real-life use cases for the tokens in addition to increasing the convenience and number of payment options for users.

Source: Mikhail Nilov, Pexels

LINE Pay said it was considering adding other cryptocurrencies including Bitcoin (BTC) and Ether (ETH) to its payments options in the future, in addition to strengthening its partnerships with blockchain firms. Data from Statista shows there were 86 million monthly active LINE users as of the third quarter of 2020 — more than 68% of the country’s population of 126 million.

Launched in August 2018, the LN token is currently trading at $142.78, having risen by roughly 22% in the last 7 days. The token has been available for trading on crypto exchange Bitmax following an August 2020 agreement. As of the end of 2021, there were 30 crypto exchange businesses operating in Japan that had been approved by the country’s Financial Services Agency.

Related: Japan’s financial regulators may propose legislation in 2022 restricting stablecoin issuance

A consortium of Japan-based financial institutions and major corporations announced in November that they planned to trial and launch a yen-based digital currency in fiscal 2022. The country’s central bank, the Bank of Japan, is still in the research phase of developing a digital yen, expecting to complete its first trials by March.