Yahoo! Japan has entered into a partnership with Line a messaging giant to enable secondary trading of NFTs, Yahoo! Japan will list Line blockchain-based NFTs on Yahoo! Auctions.
Yahoo! Japan, a major Japanese internet corporation, has teamed up with messaging app Line to provide nonfungible token (NFT) trading.
Line’s cryptocurrency-focused subsidiary LVC Corporation stated on Tuesday that it will work with Yahoo! Japan to facilitate secondary trading of NFTs issued on Line’s own blockchain.
As part of the agreement, Yahoo! Japan will list Line blockchain-based NFTs on Yahoo! Auctions, the company’s online auction service launched in 1998 to compete with e-commerce giant eBay.
The two partners would combine Yahoo! Auctions with the Line Bitmax wallet, Line’s own blockchain wallet built for handling digital assets, including NFTs, to enable NFT trading on the platform.
Users will be able to exchange NFTs controlled by the Line Bitmax wallet directly on Yahoo! Auctions as a result of the partnership. The businesses plan to introduce NFT trading on Yahoo! Auctions by late 2021, according to the release.
According to the release, “we will collaborate with other partners to revitalize the distribution of quality material and contribute to the expansion of the secondary distribution market in the NFT industry.”
The news follows Line’s late-June launch of the NFT Market Beta Service on its Line Bitmax wallet.
Yahoo! Japan has been a major player in the bitcoin market in Japan, as previously reported. Taotao, a significant local cryptocurrency exchange that opened in 2019, is recognized for being backed by the corporation.