This SoftBank-Owned Japanese Social Media Giant Is Launching An NFT Marketplace

LINE, co-owned by the Masayoshi Son-led SoftBank Group Corp SFTBY, is all set to launch a non fungible token (NFT) marketplace.

What Happened: LINE NFT will be available beginning April 13 and allow users to use the company's social media and messaging app to purchase digital tokens, according to a statement.

LINE said it aims to provide an environment where anyone can easily access NFTs through its marketplace and provide users with an entrance to Web 3.0.

NFTs purchased through the marketplace can be stored in LINE's BITMAX Wallet, which is accessible to nearly 90 million people in Japan. Users will also be able to exchange and send NFTs to their friends.

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Why It Matters: The social media application said it will sell more than 100 types of NFTs in seven genres. Some of its partners include the entertainment franchise Yoshimoto Kogyo, video game developer Square Enix and Patlabor, a popular manga.

LINE released a teaser website on Wednesday ahead of the launch of its NFT marketplace.

The chat application is well known for its stickers featuring characters such as Brown, a bear, and Cony, a rabbit. 

It is already possible to purchase cryptocurrencies in Japan such as Bitcoin BTC/USD, Ethereum ETH/USD, and Litecoin LTC/USD through BITMAX.

This month, Meta Platforms Inc FB CEO Mark Zuckerberg confirmed that NFT functionality will be available on Instagram in the coming months.

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Photo courtesy: LINE