Japan's most popular social messaging app Line launches NFT market

Line, Japan’s largest social media app, has officially launched its own non-fungible token (NFT) marketplace called LINE NFT.

In partnership with major Japanese entertainment conglomerate Yoshimoto Kogyo, Line’s cryptocurrency and blockchain management company LVC Corporation will make approximately 40,000 different NFTs available to its 90 million users.

The first NFTs to be released will include videos from the company's in-house Yoshimoto NFT Theater, as well as character descriptions from the popular anime series Patlabor The Mobile Police, with more NFTs to come in the coming months .

Users will store purchased NFTs in the LINE BitMa wallet, a product jointly launched with cryptocurrency exchange BitMax.

After introducing the option earlier this year to allow users to pay for items with their native LINK token (LN) at any of LINE Pay’s online merchants, Line added the NFT functionality to its ever-growing list of crypto features.

Line has been hailed as one of the first major tech companies in Japan to embrace cryptocurrencies and blockchain technology after launching its own cryptocurrency exchange in 2018.

Despite Japan's relatively strict crypto regulation, NFTs are becoming more popular throughout Japan. Japanese financial services conglomerate Nomura Holdings is the latest major player in Japan to develop an action plan for giving away NFTs.

Earlier this year, major Japanese e-commerce company Rakuten announced the launch of its own NFT trading platform, called Rakuten NFT.

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