What is LINE NFT? How to register as a member, buy and sell NFTs, and more!

NFT is attracting a lot of attention, and LINE, famous for its SNS applications, is also participating in the NFT business.

LINE NFT, the NFT marketplace developed by LINE, has advantages unique to LINE, which develops various businesses centering on SNS.

In this article, we will explain how to register as a member of LINE NFT and how to purchase and sell items in an easy-to-understand manner with images.

What is NFT?

NFT stands for Non-Fungible Token, which in is called “Non-Fungible Token” or something similar. This is a token that adds irreplaceable uniqueness to digital data such as images and videos, and is especially commonly used today in the art domain such as drawings and photographs.

Until now, digital data could be quickly copied, making it difficult to determine which was the original work. However, the NFT uses a technology called blockchain, which allows data to be assigned a serial number that cannot be duplicated.

This makes it possible to distinguish between “real” and “fake” works of digital art, and thus adds value to them.

NFTs can be bought and sold mainly on a dedicated website called the NFT Marketplace.

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What is LINE NFT?

LINENFT

LINE NFT is an NFT marketplace operated by LINE Xenesis Corporation, a group company of LINE.

The company announced LINE Blockchain, LINE’s proprietary blockchain, in 2018, and has been developing various blockchain-related services such as LINE BITMAX, a crypto asset trading service using it, and LINE BITMAX Wallet, a digital wallet LINE NFT is scheduled to launch in June 2021.

LINE NFT was launched in April 2022 as the official version of the service called “NFT Market Beta,” which was launched in June 2021. NFT is being marketed in the entertainment, sports, and game genres while collaborating with Yoshimoto Kogyo, TV Asahi, and others.

Features of LINE NFT

The following is a description of the four main features of LINE NFT.

You can get started with a LINE account.

The most important feature of LINE NFT is that it can be linked to the LINE application.

LINE NFTs can be started immediately as long as you have a LINE account. Normally, creating a virtual currency wallet and transferring virtual currency are required to buy and sell NFTs. These are not only complicated and difficult to set up, but also pose a high hurdle due to the risk of hacking.

LINE, on the other hand, can be used simply by installing the application, and LINE NFTs can be used to buy and sell NFTs just by following a few more steps from there.

It is also said that there are 84 million active users in Japan who use LINE at least once a month, which is about two-thirds of the Japanese population. This figure is more than that of major SNSs of global IT companies such as Twitter and Facebook, indicating the high penetration of LINE in Japan.

Therefore, LINE NFT can be said to be a marketplace where Japanese people can easily start NFT.

Payment with LINE Pay is possible

One of the advantages of being able to link with LINE is the ability to make payments with LINE Pay.

In NFT marketplaces such as OpenSea, it is common to use virtual currency such as Ethereum for payment via virtual currency wallets. However, many people are reluctant to purchase virtual currencies because they need to register with an exchange or because of fluctuating values.

LINE NFT can be linked to LINE Pay, which allows you to make payments in Japanese yen, and you can easily recharge your LINE Pay balance at banks and convenience stores nationwide, as well as at many convenience stores, supermarkets, restaurants, etc. LINE NFT is an NFT marketplace that is very easy for beginners to use, as they can buy and sell NFT through payment services that they can use on a daily basis.

In addition to LINE Pay, it is also possible to make payments using LINE’s own virtual currency, “LINK”.

Tokens can be sent and received via LINE

LINE is a social networking service with more than two-thirds of the Japanese population as active users. Since tokens can be sent and received via LINE, NFTs can be easily exchanged.

It is a private chain

The blockchain used by LINE NFT is LINE Blockchain, which is LINE’s proprietary blockchain, and this is a “private chain”.

A private chain is a blockchain that is not compatible with other blockchains. Most of the blockchains in use worldwide, such as the Ethereum chain, are “public chains”, in which an unspecified number of computers participate in the network to process transactions.

This allows computers around the world to manage data and process transactions in a decentralized manner without the need for a specific administrator. On the other hand, however, there are many drawbacks, such as the use of many computers, which consumes a large amount of electricity, and the slow processing of transactions, which results in high transaction fees.

Since LINE Blockchain is a private chain, the power consumption of the entire network is reduced, and LINE NFT does not require gas (transaction fees) for processing. This makes it an easy marketplace to start even for NFT beginners.

However, there is a drawback that private chains may not be able to interoperate with other blockchains; LINE NFT cannot move assets to the Ethereum chain, which is commonly used worldwide. It is inferior to the public chain in that it is not possible to freely handle NFTs instead of being easy to use.

How to use LINE NFT

So, what exactly are the steps to purchase and list NFTs on LINE NFT?

From here, we will explain how to register an account, purchase and list items with images.

Account Registration

Registering an account with LINE NFT is very easy if you are using LINE. Let’s take a look at the procedure.

We will assume that you have already used LINE, so if you have not installed the LINE application, please complete the initial settings there before registering for LINE NFT.

First, open the login dialog from “Login” in the upper right corner of the top page.

Log in using your LINE login email address and password or QR code. Please select either method you prefer to log in.

After logging in, a screen will appear asking for permission to access the linked application. Please select “Allow” after confirming the precautions.

Next, you will be taken to a screen where you can add LINE NFT’s official LINE account as a friend. This account allows you to check information about new NFTs sold at LINE NFT. Select “Add Friend” to proceed.

Next, you will be taken to the screen to agree to the LINE NFT Terms of Use. After reviewing each of the Terms of Use and Policies, check each item or check “I agree to all of the above” and press the “I agree” button to proceed.

Next, set the passcode to be used with the LINE BITMAX Wallet.

The LINE BITMAX Wallet is a digital asset management wallet provided by LINE, and NFTs and virtual currencies are stored and managed in this wallet. You should set a passcode that is difficult to recognize.

When the password setting is complete, the following dialog box will appear. Press “Confirm” and then press “Go to LINE NFT” on the subsequent screen.

This completes your LINE NFT account registration, which can be done in 3 easy steps: log in with your LINE account, agree to the Terms of Use, and set your password.

How to Purchase

Let’s now look at how to actually purchase NFT. The menu in the upper right corner of the top page shows two types of purchase methods: “Market” and “Store.

The Market is a page where users can sell their NFTs to each other, search for NFTs on the Market, and purchase NFTs on the Store.

On the other hand, the “Store” is a page where you can purchase NFTs of various brands that are affiliated with LINE NFTs directly from the sellers. Basically, after purchasing original NFTs from each brand in the “Store”, you can trade them with other users in the “Market”.

As for the payment method, you can choose either Yen payment using LINE Pay or the virtual currency LINK (LINE Blockchain’s own virtual currency) using LINE BITMAX. Please note that you will need to register for the service you wish to use and confirm your identity before making a purchase.

How to purchase on the Market

Select “Market” from the top page to search for NFTs on display. From “Filter” on the left side, you can narrow down the NFTs by category, file type, status, and price.

Click on an NFT to go to its detail page. As an example here, let’s check the NFT “LBblue#7132”.

On the NFT details page, you can check the brand name, issue information, and transaction history.

To make a purchase, click the “Buy” button; you can use LINE Pay to pay in Japanese yen or LINE BITMAX to pay in the virtual currency LINK.

How to Purchase at the Store

Store purchases allow you to purchase NFTs issued by various brands that have partnered with LINE NFTs.

If you are purchasing from the store, you can see a list of NFTs available for sale by selecting “More” from the “For Sale” section.

The list screen does not have a filter function like the Market, but you can toggle between “For Sale” and “Upcoming”. In “Upcoming,” NFTs that will soon be available for sale are displayed.

Once you have decided on the NFT you wish to purchase, click on the NFT from the list to go to the details page.

If you are satisfied with the details, select “Buy” and complete your purchase by paying with LINE Pay or LINE BITMAX.

NFTs purchased at the market or store can be viewed from your profile. Select the icon from the menu in the upper right corner, and you will see the “Profile” item.

From the “Available for Exhibit” section of your profile, you can see the NFTs you own.

How to Exhibit

Next, let’s take a look at how to list items for sale. Please note that here, as with purchasing, you will need to make the initial settings for “LINE Pay” if you wish to trade in Japanese yen, and for “LINE BITMAX” if you wish to trade in the virtual currency LINK.

In addition to NFTs purchased from the LINE NFT Store and Market, you can also list NFTs on the “LINE Blockchain” platform on LINE NFT. However, there are some NFTs that cannot be listed on LINE NFT, so please make sure that the NFT you wish to sell is in the “Available for Listing” section of your profile.

The procedure for listing an item for sale is very simple.

  • Go to the “Available for Listing” page from your profile
  • Go to the detail page of the NFT you wish to list.
  • Select “List for Sale” from the NFT details page.
  • Set the selling price as “Yen” or “LN (virtual currency LINK)” and select “Confirm”.

You can also cancel or re-list an NFT before purchasing it. If the NFT does not sell well, you may want to review the selling price.

When an NFT is purchased, you will receive a notification from the “LINE NFT Notification” account. Sales will be credited to LINE Pay if they are sold for JPY, and to LINE BITMAX if they are sold for LN.

In addition, a portion of NFT sales are also partially returned to the creators of those NFTs. In other words, the more NFTs are resold, the more the creators benefit. In the sense of supporting the creators, please try not only purchasing NFTs but also selling them.

Summary of LINE NFT

We have described the features and actual usage of LINE NFT.

It is a service that many people are familiar with LINE, and it is easy to start using this service.

Although there is a drawback that it is difficult to manage assets freely because it is a private chain, why not try registering casually as a first step for NFT?