Line, Japan’s most popular social networking app, has launched LINE NFT, a non-fungible token (NFT) marketplace that is separate from the rest of the world.
In partnership with Yoshimoto Kogyo, a large Japanese entertainment corporation, the LVC Corporation, Line’s crypto and blockchain manager, will offer approximately 40,000 different NFTs to its 90 million subscribers.
Videos from Yoshimoto NFT Theatre, as well as character renderings from the popular anime series Patlabor the Mobile Police, will be included in the first wave of NFTs to be released, with further NFTs to be released in subsequent waves over the coming months.
User’s NFTs will be saved in the LINE BitMa wallet, which has a partnership with BitMax, a cryptocurrency exchange, for safekeeping.
Despite Japan’s relatively strict crypto regulations, (NFTs) are becoming increasingly popular in the country.
Previously, Bank Of Japan Warns G7 Coutries for Regulations.
The Bank of Japan (BOJ) has sent an advisory to G7 countries, warning them to establish an international framework for cryptocurrency regulation.
Japanese Prime Minister Shinzo Abe has stated that the country is determined to manage cryptocurrency in the wake of Russian President Vladimir Putin’s invasion of Ukraine in 2014.
Japanese Chief Cabinet Secretary Hirokazu Matsuno informed the cabinet earlier this week of new suggested modifications to the Foreign Exchange and Foreign Trade Act, which were approved by the cabinet. Kazushige Kamiyama, the chairman of the Bank of Japan’s payment and settlement system branch, told Reuters that developing an individual global settlement system based on stablecoins was not difficult to do.