4 months ago 2 min read

LINE Makes Effort to Become Top Website in Japan for Digital Collectibles by Launching NFT Marketplace


In an effort to provide consumers with a greater selection of options, LINE NEXT, the NFT division of the Japanese social media platform LINE, has announced the opening of its Non-Fungible Token (NFT) marketplace.

After testing a beta version in September, the NFT market place known as DOSI was established with the aid of collaborators like SoftBank, Crypto.com, and Visa. Users of the beta version flocked from about 150 different countries, and DOSI issued over 100,000 wallets as a result.

The launch, according to Young-Su Ko, CEO of LINE NEXT, would introduce Southeast Asian arts and culture to a larger audience. Aside from Japanese collectibles, he continued, South Korean, Chinese, and Thai producers can also use the site to list their NFTs because DOSI has a wide range of language capabilities. Ko stated:

“By publishing Asian content to the global NFT market, the partnership will lead to a new fandom culture and the mass adoption of NFTs.”

Four features, including the usage of branded businesses, simple payment choices using fiat or virtual currencies, exclusive membership perks, and a variety of language support, are included in the recently opened NFT marketplace and are intended "to shape the NFT popularization."

The platform has previously provided airdrops for wallet users and carried out a raffle promotion to reward users, and DOSI will be strengthening the land launch and "growing DOSI Citizen services with 3rd parties," according to the project's road map.

In order to support its NFT endeavors, LINE NEXT disclosed that it has obtained an investment of $10 million from ten businesses, including SoftBank Corp, WEBTOON, and Naver, among others. Collaborations for blockchain-based cross-border payments with Visa and Yahoo! Japan point to LINE NEXT's serious Web 3 drive.

Still Trailing Other Japanese Companies

LINE has been entering the NFT market on a global scale, but its efforts are less aggressive than those of other Japanese corporations. A larger worldwide audience was introduced to the Japanese retail business Rakuten's NFT marketplace, and ever since its debut, its KPIs have stood out from the competition.

The Japanese division of Animoca Brands raised more than $45 million at a valuation of $500 million in an effort to strengthen ties with the regional NFT market.

The government is also gaining ground in Japan's NFT exchanges, so institutional investors are not the only ones entering the market. NFTs and the metaverse, according to Prime Minister Fumio Kishida, are crucial to the revival of Japan's digital economy.

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