LINE NEXT, the NFT wing of Japanese social media site LINE, has announced the launch of its non-fungible token (NFT) marketplace with the aim of providing a wider range of offerings to users.
The NFT market, called DOSI, was launched with help from partners including SoftBank, Crypto.com and Visa after running a beta in September. The beta version was an instant hit among users, with DOSI releasing over 100,000 wallets and attracting users from nearly 150 countries.
Young-Su KO, CEO of LINE NEXT, described the launch as an initiative that will introduce Southeast Asian arts and culture to a wider audience. He added that aside from Japanese collectibles, South Korean, Chinese, and Thai creators can leverage the platform to list their NFTs, given DOSI’s robust language support.
“By releasing Asian content to the global NFT marketplace, the partnership will lead to a new fandom culture and mass adoption of NFTs,” Ko said.
The newly launched NFT Marketplace comes with four features designed “to shape NFT popularization”. Features include the use of branded stores, easy payment options using fiat or virtual currencies, special membership rewards, and a variety of language support.
According to the roadmap on the project’s website, DOSI will improve land launch and “expand DOSI Citizen services with third parties.” The platform previously launched airdrops for wallet users and held a raffle promotion to reward users.
LINE NEXT revealed that it received a $10 million investment from 10 companies, including SoftBank Corp, WEBTOON, and Naver, among others, to support its NFT quests. Collaborations with Visa and Yahoo! Japan for blockchain-based cross-border payments indicates the deep push of LINE NEXT into Web 3.
Always behind other Japanese companies
While LINE has made global inroads into the NFT space, its efforts lag behind other Japanese companies in the ecosystem. Rakuten, a Japanese retail company, unveiled its NFT Marketplace to a wider global audience, and since its launch, its metrics have stood out from the rest.
The Japanese subsidiary of Animoca Brands has raised more than $45 million at a $500 million valuation as it seeks to deepen its ties with the local NFT industry.
Institutional investors aren’t the only ones entering the Japanese NFT markets, as the government is also making inroads into the space. Prime Minister Fumio Kishida has identified NFTs and the metaverse as central to rejuvenating Japan’s digital economy.
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