LINE Creates NFT Marketplace to Become Japan’s Leading Destination for Digital Collectibles
LINE NEXT, the NFT wing of Japanese social media LINE, has announced the launch of its Non-Fungible Token (NFT) marketplace in an effort to offer a wider range of offerings to users.
The NFT marketplace, called DOSI, launched with the help of partners like SoftBank, Crypto.com and Visa after running a beta version in September. The beta was an instant hit with users, with DOSI issuing over 100,000 wallets and attracting users from nearly 150 countries.
Young-Su KO, CEO of LINE NEXT, described the launch as a move that will showcase Southeast Asian art 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 the robust language support on DOSI.
“By publishing Asian content to the global NFT market, the partnership will lead to a new fandom culture and mass adoption of NFTs,” said Ko.
The newly launched NFT marketplace comes loaded with four features designed “to shape the NFT popularization.” Features include the use of branded stores, easy payment options using fiat or virtual currencies, special member rewards and a multitude 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 had previously launched airdrops for wallet users and conducted a lottery to reward users.
LINE NEXT revealed that it had received a $10 million investment from 10 companies, including SoftBank Corp, WEBTOON and Naver, among others, to support its NFT missions. Cooperation with Visa and Yahoo! Japan for blockchain-based cross-border payments points to LINE NEXT’s deep commitment to Web 3.
Still behind other Japanese firms
While LINE has made global inroads into the NFT space, its efforts lag compared to 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 raised over $45 million at a $500 million valuation as it looks to deepen its ties with the local NFT industry.
Institutional investors aren’t the only ones wading into Japan’s 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 the rejuvenation of Japan’s digital economy.
See: BSV Global Blockchain Convention panel, Metaverse, NFTs & Blockchain
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