LINE NEXT, the NFT division of the Japanese social network LINE, has announced the launch of its Non-Fungible Token (NFT) marketplace to offer users a wider range of offerings.
An NFT marketplace called DOSI has been launched with the help of partners such as SoftBank, Crypto.com and Visa after launching a beta in September. The beta was an instant hit with users, with DOSI having released over 100,000 wallets and attracted users from nearly 150 countries.
Yang-Su K.O., CEO of LINE NEXT, described the launch as a step that will showcase Southeast Asian art and culture to a wider audience. He added that in addition to Japanese collectibles, creators from South Korea, China and Thailand can use the platform to list their NFTs given the strong language support in DOSI.
“By posting Asian content to the global NFT marketplace, the partnership will lead to a new fandom culture and mass adoption of NFTs,” Koh said.
The newly launched NFT marketplace comes with four features designed “to shape the popularization of NFT”. Features include branded stores, easy payment methods using fiat or virtual currencies, special membership rewards, and multilingual support.
According to the roadmap on the project’s website, DOSI will improve ground launch and “expand DOSI Citizen’s services with third parties.” The platform has previously launched airdrops for wallet users and held sweepstakes to reward users.
LINE NEXT said it has received a $10 million investment from 10 companies including SoftBank Corp, WEBTOON and Naver, among others, to support its NFT quests. Cooperation with Visa and Yahoo! Japan for blockchain-based cross-border payments points to the deep promotion of LINE NEXT in Web 3.
Still behind other Japanese firms
While LINE is making global inroads into the NFT space, its efforts lag behind other Japanese companies in the ecosystem. Rakuten, a Japanese retail company, has introduced its NFT marketplace to a wide global audience, and since its launch, its performance has stood out from the rest.
Japanese subsidiary Animoca Brands has raised over $45 million at a $500 million valuation as it seeks to strengthen its ties to the local NFT industry.
Institutional investors are not the only ones entering Japan’s NFT markets as the government is also encroaching on the space. Prime Minister Fumio Kishida has identified NFTs and the metaverse as central to the resurgence of Japan’s digital economy.
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