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LINE Messaging App Launches NFT Market in Japan


LINE Messaging App Launches NFT Market in Japan

Popular messaging app LINE has launched a market for non-fungible tokens called “LINE NFT”, available only to users in Japan.

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According to an announcement on the company’s website, the non-fungible token market now has around 40,000 digital collectibles for users to grab.

LINE is a free messaging app available on a variety of platforms where users can send text messages, voice calls, or video calls. It is the most popular software of its kind used in Japan with a user base of around 90 million.

Thanks to the new “LINE NFT” marketplace, users in Japan can now buy and sell non-fungible tokens, as well as easily send or exchange these digital assets with their contacts in the messaging app.

“Users can store purchased NFTs in their LINE BITMAX wallet, a digital asset management wallet that they can easily register through their LINE account,” the company noted.

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Current offerings on the market include approximately 40,000 digital collectibles, consisting of exclusive pieces such as the Yoshimoto NFT Theater.

This exclusive token includes comedy videos made by top comedians from Yoshimoto Kogyo. Other exclusive offers are also available like artwork, videos, and even manga.

“Building on LINE NFT’s strengths of having a diverse range and allowing users to easily start using the service through the LINE app, LVC will continue to provide a wide variety of user experiences in collaboration with other group companies. », the company said.

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As non-fungible tokens have become more common, many large companies have also started to enter the industry.

Just a few months ago, Japanese e-commerce giant Rakuten also announced a peer-to-peer NFT marketplace, scheduled to launch in 2023 or beyond.

The UFC also launched a new digital collectible collection earlier in the year in conjunction with Dapper Labs, the company behind the popular NBA Top Shot collection.

Non-Fungible Token Market Volume

The NFT market has slowed down a bit in recent months as weekly trading volume has dropped.

The following graph shows the trend of the volume of non-fungible tokens during the last year:

It seems that the value of the indicator has been low recently | Source: non-expendable

As you can see from the chart, NFT’s weekly trading volume is currently around $200 million, a relatively low value.

The decline in trading volume may be a result of Bitcoin and the broader crypto market also facing difficulties recently.

At the time of writing, the price of Bitcoin is hovering around $40.1k, down 7% from last week.

Bitcoin price plummeted a few days ago | Source: BTCUSD on TradingView Featured Image from LINE Corporation, Charts from TradingView.com, NonFungible.com

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