Yahoo Japan is partnering with the messaging giant, Line. They are planning to enable NFT trading on Line’s blockchain. Line recently announced that its cryptocurrency trading subsidiary LVC is going to work with a Japanese Internet company to facilitate the secondary trading on NFTs (Non-Fungible Tokens) on its proprietary blockchain.
Yahoo And Line
The internet company in Japan, Yahoo, will host the NFT on its online auction platform. Since 1998, Yahoo Japan Auction Service has been eBay’s main competitor. To facilitate such NFT trading, Yahoo and Line are integrating the Auctions Service with the Line Bitmax wallet. Line uses Line Bitmax wallet to manage its digital assets such as NFT on its blockchain. With this partnership between Line and Yahoo, users can now trade NFTs through the Bitmax wallet on Yahoo Japan Auctions. The announcement also reveals later that they will release the first version of NFT before the end of 2021.
In addition, the announcement also detailed how they plan to proceed after this cooperation. The two companies also stated that they will also cooperate with other companies. They plan to do this to help distribute valuable and unique content and also expand the secondary distribution market in the NFT field. This announcement was made after the launch of the “NFT Market Beta Service” on the Bitmax wallet last month. Prior to this, Yahoo Japan was fully involved in the crypto sector in the country. The company strongly supports Taotao, which operates locally in the country and has existed since 2019. However, later a Japanese financial company SBI Holding acquired it in October 2020.
The line is a Japanese mobile messaging and calling application. People can use this app to make free calls around the world. Additionally, it also provides free audio and video call services to its users worldwide. South Korean Internet Company Naver is behind the platform. According to Naver, the company has more than 2,500 employees, of which at least 1,000 are in Japan. Line also has 218 million monthly users worldwide, two-thirds of which are located in Indonesia, Japan, Taiwan, and Thailand. Additionally, the company tried to enter the US and European markets but still failed to achieve significant growth. The two giants occupy a dominant position in Japan, and this is why NFT trading will succeed in the Japanese crypto industry.
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