LINE Establishes an NFT Marketplace to Expand the NFT Ecosystem
LINE Corporation, a Japan-based messaging company, has set in motion plans to establish an NFT service in the coming year, 2022. According to Youngsu Ko, CEO of LINE NEXT, “LINE has over a decade proven experience as an innovator, becoming one of the most popular tech companies in Asia. Now, we aim to do the same for the exciting new field of NFTs together with our global partners, with the Korea office focused on global NFT platform strategy and our office in the United States of America focused on the NFT business.” The Korean office boasts about 100 employees, while the US has about 55 employees.
Although, the corporation already operates a beta version marketplace through the LINE BITMAX wallet specially made for the Japanese market. However, the NFT service that will be launched through LINE Inc. would provide a market for companies, creators, and individual users to trade NFTs globally. In addition, the service will provide support to creators and companies globally and create ecosystems for users to trade, thus expanding the cryptocurrency and NFT market. They plan to create this from their wealth of experience and technical know-how in developing blockchain services.
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The corporation currently has a LINE Blockchain Lab and has issued crypto-assets, LINK. It also operates LINE BITMAX, a digital wallet to manage crypto-asset exchanges and LINE Blockchain Developers Platform. As at present, LINE TechPlus, in conjunction with blockchain partners Dentsu Innovation Initiative and Zepeto metaverse, has issued over 1.3million NFTS in the fields of gaming, intellectual property, and content. The corporation is looking forward to partnering with global organizations such as Yahoo to expand.
The corporation will generate revenue through brokerage fees from the transactions. This initiative by LINE shows that the company is staying true to its mission of “Closing the Distance” by bringing together people and information services.
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