Many countries and regions, especially those in Asia, are concerned about the future regulation of digital currencies such as bitcoin. Although authorities are still working on legislative structures, some companies have already begun taking action to prepare for the future. If you’re looking for a new way to get in touch with friends and family, you may consider joining NFT.
NFTs Launched on LINE
People in Japan can now buy virtual goods on LINE’s NFT marketplace. It is the first time it’s been available in Japan. The platform is supported by LVC Corporation, responsible for LINE’s cryptocurrency and blockchain activities.
According to the statement, LINE NFT will be an NFT marketplace available exclusively in Japan, offering a diverse range of content, like unique NFT movies from Yoshimoto Kogyo Holdings Co. Ltd. Yoshimoto NFT Theater, features NFTs from Patlabor the Mobile Police and other well-known anime shows.
It’s now possible for people to trade, buy, or sell NFT-related things on the market. LINE NFT is a cryptocurrency that was established on the LINE network. The NFTs that people buy must be linked to their LINE BITMAX Wallet in storing them. LINE NFT enables its users to send and trade NFTs alongside their friends and contacts using the messaging app.
Starting with the first batch of LINE NFT, there should be about 40K goods. LINE is presently one of the most famous texting applications in Japan. Because the number of LINE domestic customers is over 90M, the release marks a chance for NFT to break into the public in Japan.
It was also reported last year that the BITMAX bitcoin exchange had been receiving a banking license from South Korea’s finance authority, which is Naver’s Tokyo division. To utilize the messaging feature, you must have an account on the LINE platform.
An Easy Start
For LINE, everything appears to be in order. It was announced on 13th April that the Japanese chat provider LINE intends to launch an NFT market named “LINE NFT.” The next market also marked the beginning of LINE’s relationships with a few of the country’s biggest entertainment companies.
LINE has a big dream, even though there is a lot of uncertainty about the rules. NFT will be incorporated into the company’s official stickers and stamps as part of a broader market expansion strategy. According to the company, LINE is also compiling a list of other appealing aspects, including using virtual collections as rewards for several planned social media activities.
WeChat Behaves Uniquely
This year has seen a boom in NFT usage, with major companies announcing intentions of using it in various ways. The market, on the other hand, stays unregulated. A legal framework for pricing NFTs does not exist; both seller and customer establish the price. NFTs can be created by anyone who has a connection to the Web, meaning useless goods will be abundant. Nobody can ensure that such codes will work indefinitely.
NFT has been bet on by LINE. The move is magnificent, but it is also incredibly dangerous. Because there is currently no legal framework in place for NFTs, when it comes to NFT, there is a lot of uncertainty about what the Japanese government will do.
Even in China, where bitcoin transactions have been formally banned, the regulatory landscape is becoming increasingly unpredictable. WeChat, China’s most popular messaging app, moved rapidly to protect itself from the risk of legal uncertainty. WeChat has deactivated several media profiles associated with platforms that facilitate NFT trade.
China is currently adopting a hard position against all digital products and currencies. If NFT wants to trade, it needs to build a blockchain system that the government can supervise. At the moment, the country does not regulate NFT. These digital items are available for purchase, although secondary trade is extremely limited. Since NFTs are risky, tech behemoths take a calculated risk to avoid future government legislation.