If you have been following the Japanese NFT market, you have probably heard of LINE NFT and wondered what it is and how you can get your hands on one. LINE NFT is currently only available in Japan, but has great potential to significantly expand the Japanese NFT market.
What is LINE NFT?
The LINE NFT marketplace operates on its own private chain, the LINE Blockchain, with plans to make the blockchain public within the next few years. Although currently available only in Japan, the company expects to offer the service globally in the future.
Due to its ease of use and security, LINE NFT is starting to attract attention from regular users of the LINE app, who are not necessarily buyers of NFTs on other blockchains including Ethereum.
I’m sure you’ll all agree that buying NFTs on Ethereum is extremely complicated, which has put a lot of people off and prevented the NFT market from growing to its potential. LINE has solved this problem by making it as easy as possible for Japanese users to purchase NFTs.
The CryptoNinja Partners (CNP) team saw the potential and decided to be the first project to offer a large collection on the LINE NFT marketplace.
Read the article below to learn more about the CNP collection on the Ethereum blockchain:
Just a few days after its launch on 15th May 2022, CryptoNinja Partners suddenly appeared in the global NFT space. Altho[…]
CNP Collections on LINE NFT
CNP is the most actively traded brand on LINE NFT to date, and looking at how the collection has been released gives a good idea of how rapidly Japanese NFT users are expanding.
During the month of April, CNP Toys organized three free-mint events, each offering 22,222 NFTs on a FCFS (first come, first served) basis.
“This was a test for us to see how quickly we could bring new people into the NFT market with the ease of the LINE NFT purchasing system,” said CNP founder Road.
The result exceeded everyone’s expectations, as the minting speed decreased exponentially with each release (2 days ⇒ 6 hours ⇒ 2 hours).
— 【公式】CNP（シーエヌピー） | CryptoNinja Partners (@cnp_ninjadao) April 14, 2023
Potential of LINE NFT
The success of the CNP free mint events demonstrates the potential of LINE NFT to grow the overall Japanese NFT market.
“Because of the difficulty of handling Ethereum Network NFTs, bringing new people into the NFT market itself has been the most difficult task for me as an NFT marketer,” said CNP’s chief marketer Ikehaya. “But LINE NFT overcame this problem by offering the NFT marketplace on a simple smartphone app that we Japanese use every day. ”
#CNP Rulez LINE NFT market!
Freeminted NFTs are being bought and sold in large quantities for a few dollars.
Since there is no gas cost, many Japanese are casually trading NFTs. pic.twitter.com/sCfUFwOcb7
— 🍺 ikehaya (@IHayato) April 7, 2023
The CNP team is confident that the success of LINE NFT will lead to more Japanese people becoming aware of and interested in NFT in general, which will eventually bring more collectors to the NFT markets on other blockchains, mainly Ethereum.
LINE NFT & Web3 Game
Another exciting development worth mentioning is the release of the Web3 game “Shi-San-Sei Million Arthur” on LINE, which is becoming a driving force in attracting new users to the NFT market.
The game was created by a successful Japanese game developer, Square Enix, best known for its RPG franchises such as Final Fantasy and Dragon Quest.
What makes this game different is the possibility for players to sell the reward items (stickers) on the LINE NFT marketplace. It is as easy and fun to play as a normal mobile game. However, during the game, players can easily exchange their stickers for NFT, which can be traded on the LINE NFT marketplace.
The game is rapidly growing its user base and is trending on Twitter.
— 資産性ミリオンアーサー公式運営【4/20(木)ゲームリリース！】 (@ShisanseiMA_PR) April 22, 2023
“The Web3 game is an excellent way to introduce the concept of NFT to new users. I believe that the success of Shi-San-Sei Million Arther will open up a large new market in Japan that will accelerate the growth of the entire NFT industry,” said Ikehaya.
What about non-Japanese Buyers?
Now that you’ve learned about all the exciting developments in LINE NFT, you’re probably thinking, “How can I use LINE NFT?”
As mentioned above, LINE NFT is currently only available to residents of Japan. However, the company is likely to release its service globally through the DOSI wallet once the LINE blockchain becomes a public chain.
The global NFT market may be in winter. But the Japanese market seems to be entering a new, unique phase that is worth watching.
So where does this lead us? I’ll keep you posted!
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