The non-fungible token (NFT) sector has become the most sought after sector in the crypto market. This is due to the many opportunities to earn money present in the fast growing sector. With this, more merchants continue to make an appearance in the sector. In a bid to bring this service to Japan-based users, Japan-based messaging platform LINE has announced the launch of its NFT marketplace .
LINE partnered with BitMax for its NFT wallet
According to the announcement, the LINE NFT marketplace will provide users across Japan with unique NFT services. The announcement also spoke of the company partnering with another entity, Yoshimoto Kogyo, to achieve its goal. With the new update, LINE intends to offer more than 40,000 NFTs on its platform, which is open to more than 90 million users.
The announcement also talked about the first NFTs to grace the platform, with the company setting its sights on videos from Yoshimoto Theaters. Aside from that, there will also be NFTs representing Patlabor, the mobile police. Additionally, LINE has mentioned that it will release more NFTs on the platform as time goes on.
The Japanese are embracing NFTs
LINE has also provided storage space for users who purchase NFTs on the platform with the company’s proprietary BitMax wallet. According to the announcement, the BitMax wallet project was worked on by both LINE and BitMax, a well-known cryptocurrency exchange on the market. The app continued to develop and redefine its provision to fit what the cryptocurrency-hungry crowds are moving towards.
Some of the new features rolled out in recent months included paying for items using digital assets. Notably, merchants can only pay with the LINK token, the platform’s digital asset at various merchants in the country. LINE has continued to make waves in the Japanese market, with the payment app forging an early crypto split a few years ago.
This may be further bolstered by the creation of its in-app exchange in 2018. Although Japan has been quiet about regulating cryptocurrencies recently, there has been a rush to own one NFT or another among the Chinese crypto population. One of the most popular participants in the Japanese NFT market is Nomura Holdings, which provides financial services. In addition to that, Rakuten also announced the launch of its NFT marketplace a few months ago.