Key Takeaways:
- Line to launch NFT LineNext service next year in South Korea and the United States to expand the global NFT ecosystem.
- As per the CEO of LineNext, NFTs are a type of technology infrastructure that will revolutionize the digital world.
Line Corporation, a wholly-owned subsidiary of Z Holdings, will establish an NFT service next year through its new organization LineNext, which will serve as a marketplace for enterprises and individuals to trade NFTs globally, excluding Japan. According to a Line representative, the company’s NFT market beta version is being run separately through the Line Bitmax wallet, tailored to the Japanese market.
Line, abbreviated as LINE, is a freeware application for instant messaging on electronic devices such as cellphones, tablets, and personal computers. Line users can send and receive text, photos, video, and music and conduct free VoIP calls and video conferences. Line is also a platform that offers various services, such as a digital wallet called Line Pay, a news feed called LINE Today, video on demand called Line TV, and digital comic distribution called Line Manga and Line Webtoon. Line Corporation, a Tokyo-based subsidiary of Softbank Group, and Naver Corporation, based in Seoul, operate the service.
Last week, Line announced the launch of LineNext in South Korea and the United States to grow the global NFT ecosystem.
LineNext, based in Korea, is working on a global NFT platform strategy and planning, while LineNext, based in the United States, is creating and operating its non-fungible token (NFT) platform company. According to the spokeswoman, the US office employs 55 employees.
Because LineNext is the platform provider, the representative informed TechCrunch that,
“Transaction brokerage fees will be the main source of revenue, with additional revenue sources planned for the future.”
A transaction fee is charged when a particular quantity of cryptocurrency is transferred from one wallet to another. Transaction fees are dynamic and can change depending on how busy the blockchain is.
According to the spokesman, LineNext is now talking with roughly 20 global partners regarding possible collaborations.
LineNext’s new global NFT platform will assist businesses and innovators worldwide in developing markets, communities, and ecosystems for general people to trade NFTs.
“NFTs are a kind of technology infrastructure that will transform the digital space and innovate the user experience in all areas, such as content, gaming, social and commerce,” stated chief product officer of Line app products (and Line fintech company) Youngsu Ko, who has been appointed CEO of LineNext.
“Line has over a decade of proven experience as an innovator, becoming one of the most popular tech companies in Asia. Now we aim to do the same for the exciting new field of NFTs together with our global partners, with the Korea office focused on global NFT platform strategy and our office in the United States focused on the NFT business.”
Using Line’s considerable expertise developing and scaling messenger and blockchain services, LineNext seeks to change the NFT experience for companies, creators, and users.
Since creating Line Blockchain lab, Line has issued its crypto-asset Link and manages the crypto-asset exchanges Line Bitmax in Japan and Bitfront globally. In Japan, Line also has a blockchain service development platform.
