• Yahoo Japan will launch NFT trading in collaboration with Line

  • Yahoo Japan and Line, a messaging platform, plan to enable NFT trading on Line’s blockchain. The messaging behemoth announced that its cryptocurrency subsidiary, “LVC,” would collaborate with the Japanese internet company to facilitate secondary trading on Non-Fungible tokens on its proprietary blockchain.

    Collaboration Between Yahoo and Line

    We deduced that the internet company would put the NFTs up for auction on its platform. The Yahoo Japan Auction service has been a major competitor of eBay since 1998.

    Yahoo and Line will integrate the Auctions Service with the Line Bitmax wallet to facilitate NFT trading. This is the wallet that Line uses to manage digital assets such as NFTs on its blockchain.

    As a result of this collaboration, users can now trade NFTs on Yahoo Japan Auctions using the Bitmax wallet. The announcement also stated that the first NFT launch would take place before the end of 2021.

    In addition, the announcement included information on how they intend to proceed following this collaboration. The companies also stated that they would collaborate with other companies to help distribute valuable content and expand the secondary distribution market of the NFT sector.

    This announcement follows the launch of the Line “NFT Market Beta Service” in the Bitmax wallet last month. Yahoo Japan has previously been an active participant in the Japanese crypto sector.

    TaoTao has received strong backing from the company. This exchange operates locally in the country and has been in operation since 2019. However, in October 2020, SBI Holding, a Japanese financial company, purchased it.

    A Brief On Line

    The line is a mobile messaging app in Japan that allows users to make free phone calls. Furthermore, the platform offers free video and voice calls all over the world.

    Naver, a Korean internet company, is the company behind the platform. According to the information available on Naver, the company employs over 2500 people, at least 1000 of whom are based in Japan.

    In addition, there are 218 million Line monthly users worldwide, with two-thirds of these users based in Indonesia, Japan, Taiwan, and Thailand. In addition, the company has attempted to enter the US and European markets, but has yet to see significant growth.

    With the dominance of the two giants in Japan, NFT trading will be a success in the Japanese crypto industry.

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