Yahoo! Japan works with Line to launch NFT trading

Main Japanese web firm Yahoo! Japan has partnered with messaging big Line to launch nonfungible token (NFT) buying and selling.

Line formally introduced Tuesday that its cryptocurrency-focused subsidiary LVC Company would collaborate with Yahoo! Japan to allow secondary buying and selling of NFTs issued on Line’s proprietary blockchain.

As a part of the partnership, Yahoo! Japan would place Line blockchain-based NFTs on its on-line public sale service Yahoo! Auctions, a service arrange by the corporate again in 1998 to compete with e-commerce big eBay.

To allow NFT buying and selling on the platform, the 2 companions would combine Yahoo! Auctions with the Line Bitmax pockets, Line’s proprietary blockchain pockets designed for managing digital belongings, together with NFTs. The collaboration will allow customers to commerce NFTs managed by means of the Line Bitmax pockets instantly on Yahoo! Auctions. In accordance with the announcement, the businesses anticipate to launch NFT buying and selling on Yahoo! Auctions by late 2021.

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“We are going to work with different companions to revitalize the distribution of useful content material and contribute to the enlargement of the secondary distribution market within the NFT trade,” the announcement notes.

The announcement comes quickly after Line launched the NFT Market Beta Service on its Line Bitmax pockets in late June.

As beforehand reported, Yahoo! Japan has been an energetic participant within the cryptocurrency trade in Japan. The corporate is understood for backing Taotao; a main native cryptocurrency alternate launched in 2019. The alternate was acquired by Japanese monetary conglomerate SBI Holdings final October.