The Line is a messaging service originating from Japan. On the other hand, Yahoo is a web services facilitator from the United States that has a major Japanese branch office. Line and Yahoo Japan are currently working on a new crypto-related venture that is directed towards NFTs. It should be noted that all sorts of digital artworks like emojis are quite famous in Japan.
Considering the growing market of NFT worldwide, Line and Yahoo Japan are planning to introduce a new NFT trading platform. Line proposed that its subsidiary LVC is going to collaborate with Yahoo to facilitate secondary NFT trading. LVC is a crypto-related venture started by Line that has managed its proprietary blockchain and digital asset projects.
The Line is a private messaging application operating since 2011. Today the company has over 218 million users all over the world. More than 75% of the total user base of Line is present in countries like Indonesia, Taiwan, Thailand, and Japan. Despite many attempts to enter the Western markets like Australia, Europe, and America, the service did not get much success.
However, for Japanese consumers, it is an important development. Users in Japan would like to invest in a local company rather than a foreign marketplace. The parent company of Line is Naver that has roots in South Korea. Half employees of Naver are present in Japanese territory. According to experts, the new NFT platform can gain popularity in the country of Japan quite rapidly.
More NFT Platforms Launching in Japan
NFT, on the whole, has become a fascinating new trend among the online community. Yahoo Japan Auctions is a service that is considered the biggest rival of eBay in the region since 1998. If the Line and Yahoo Japan collaboration is finalized, the users in the region can enable cross-platform trading with Bitmax digital wallets and Yahoo Japan Auctions.
Tao Tao is a local crypto exchange in Japan that was absorbed by SBI Holdings in 2020. The NFT market Beta Services launch by the Bitmax wallet was providing backup support for this service. Meanwhile, Yahoo Japan Auctions has been taking an active part in the development of crypto-related transactions in Japanese territory for many years.