LINE's subsidiary partners with blockchain company to co-develop global NFT platform

By Park Sae-jin Posted : January 11, 2023, 15:53 Updated : January 11, 2023, 15:53

[Courtesy of LINE NEXT]

SEOUL -- LINE NEXT, the non-fungible token-based service development wing of global messenger platform operator LINE, has forged a partnership with Finger Labs, a blockchain developer operated by digital marketing company Future Stream Networks, to co-develop a global NFT platform.
A blockchain is a decentralized network where all connected users have a virtual ledger. When a change is made to a ledger, the same change is simultaneously made to all other ledgers, making the network virtually unhackable. A non-fungible token (NFT) is a unique token that is attributed to a piece of data or a hash value that represent an object which exists in the digital world or the real world. NFT can be used for authenticating real-world objects through an online platform or vice versa.
LINE started off as a smartphone messenger app operator in South Korea in 2011. The messenger app garnered extreme popularity in Japan after the 2011 Tohoku earthquake and tsunami. The messenger app which had some 83 million users in 2014 had some 178 million global users as of December 2021. About 51 percent, (92 million) of the total users are Japanese.
LINE NEXT said that the company signed a memorandum of understanding with Finger Labs to cooperate in the development of projects based on DOSI, LINE NEXT's NFT platform. Finger Labs will roll out intellectual property (IP)-based NFT projects through various events held in DOSI. Users will be able to collect NFT rewards. Limited edition digital tokens will also be issued to attract more customers.
DOSI is a market platform for NFT projects launched in September 2022. The platform allows users to trade NFTs and some 60,000 trades were made between users as of December 2022. "Through collaboration with Finger Labs, we will showcase new NFTs based on IPs that can be easily accessed by users who are new to the digital token, as well as popular blue-chip NFTs," LINE NEXT CEO Koh Young-soo said in a statement on January 11. 
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