LINE Blockchain Monthly Newsletter: July 2022
In Korea, an exceptionally long rainy season filled almost the entire month of July, alternating with a brutal heat wave. We know that many people were disappointed with the delay in launching DOSI last month, but we are here to introduce a few friendly IP products that will lower the entry barrier for NFTs. This month, we focus on the NFT businesses of LINE’s various blockchain affiliates.
⎮ Highlights & Main News
LINE NEXT Announces Strategic Investment Agreement With 10 Partners
LINE NEXT Inc., has signed a strategic agreement with 10 companies, including SoftBank Corp., NAVER, CJ ENM, and Emart, to develop NFT projects based on their IP content. LINE NEXT believes that close cooperation and alliances with companies and their IPs and services will be an essential factor in determining the success of the global NFT platform business, and therefore decided to invest about US$10 million in these ventures. This strategic investment is a strengthened version of DOSI’s partnerships with 26 companies, already unveiled in March, and an extensive market entry to DOSI is highly expected with active mutual cooperation from leading companies. DOSI released its teaser page on August 1, and intends to bolster its competitiveness through this strategic investment agreement as a global NFT leader.
◼︎ Read article: LINE NEXT Announces Strategic Investment Agreement With 10 Partners
LINE NFT Starts Trial Service of Profile NFT
LINE NFT in Japan, a comprehensive market that offers easy-to-use operations and payments for purchasing and trading NFTs, has sold about 70,000 NFTs since its launch in April, featuring a wide range of products, including characters, animation, sports, and artists. Some NFT collections arranged by LINE NFT sold out in seconds, and now the team is introducing a PFP function for a trial period to provide users the pleasure of owning the NFT. With this PFP NFT, anyone using LINE Messenger and/or LINE NFT can set up a unique profile.
◼︎ Related article (Japanese only): NFT総合マーケットプレイス「LINE NFT」、 体験版「プロフィールNFT」機能の提供を開始
LINE BITMAX Launches Virtual Asset Credit Transaction Service
LINE BITMAX recently launched a virtual asset credit transaction service in Japan. It is a method that allows one to trade virtual assets by pledging the Japanese yen as a deposit. For example, when one borrows 1 BTC for 5 million JPY and sells off to cash out 5 million JPY, one can take a margin by buying off 1 BTC for 4 million JPY when the BTC price has fallen, gaining yourself a 1 million difference. This may seem like a stock lending transaction, but the difference is that the exchange lends virtual assets held and owned by the exchange. This logic is similar to short selling in that one can make a profit even during a downtrend. The leverage can also be set up to twice the lending amount so one can trade using the leverage effect at half the amount.
◼︎ Related article (Korean only): 라인 비트맥스, 가상자산 신용거래서비스 시작
LINE Xenesis CEO Interview by Seoul Economic Daily’s Decenter
LINE Xenesis is a leading Japanese blockchain company that has been well-positioning as an early blockchain adopter in Japan. They are mostly engaged in running innovative blockchain businesses such as LINE BITMAX, LINE Pay, and LINK Payment. Recently, the NFT exchange LINE NFT was launched, further attracting much attention to LINE Xenesis. Having been at the forefront of the development of the virtual asset industry, LINE Xenesis’ CEO talked about the background and regulatory environment of digital assets today.
Today, there are not so many companies that can provide comprehensive services in different blockchain-related fields, from the mainnet development to the issuance of cryptocurrency. But, we at LINE do — including LINE Blockchain and LINK (LN). We also have our own digital asset wallet and the NFT marketplace. This is how we define LINE as a verticalized business group. To support LN payments on LINE Pay and to consider the direction of Web3, not only LINE Xenesis but all our blockchain-related LINERs are working on creating ways to make it easier for regular people from all walks of life to use the blockchain in their real lives and create a convenient, robust token economy.
◼︎ Related article (Korean only): “일본에서 링크(LN) 결제 시범 서비스…실사용 사례 늘릴 것” (출처: 서울경제신문 디센터)
◼︎ Watch the interview (Korean): https://youtu.be/qhx1FVy3BqI
LINE NEXT — ‘An NFT Powerhouse, a Cultural Powerhouse’ — a Conference by MK Economy
The NFT is a technology standard that can help create an economy featuring user-centered ownership. Although the price of digital assets has recently fallen and some people are questioning the overall blockchain ecosystem, Woosuk Kim of LINE NEXT noted that “Unlike existing cryptocurrencies and DeFi, which have a strong asset tendency, NFTs provide an opportunity to distribute digital goods and trade IPs.” Many of the experts who attended the MK Economy Conference also said that NFTs can be an ideal way to connect assets, technology, and culture and that NFTs themselves are a kind of cultural content powerhouse and represent the next digital trend.
**LINE NEXT did not attend the conference as a speaker, but presented the above text at the request of the event organization, which was partially cited in an NFT-related article.**
◼︎ Read article (Korean): “패션/제조업으로 전방위 확장…전세계 참여자 급증할 것”
◼︎ lmage source by: NFT 강국이 문화 강국…“예술품 넘어 新금융 산업으로”
Introducing the 5 NFT Projects Released on the DOSI Teaser Website
Enter Hellbound: https://hellbound.store.dosi.world
Hellbound, dark fantasy and thriller with a cosmic horror genre, was judged last year as having opened a new horizon of K-content in the global market. The Hellbound NFT project is based on the original webtoon, which was a No. 1 bestseller in 24 countries and in the top 10 in 120 countries. This new Hellbound NFT project aims to build a new content membership and IP culture where the original author and NFT holders expand the worldview of Hellbound together.
■ Why was Hellbound included in the first lineup in the DOSI Store?
The Hellbound NFT project is a project that can give new life to ordinary boring content. Going beyond the simple webtoon-based collectible concept, we wanted to create an NFT with its own unique worldview and holder benefits that only Hellbound can provide. It will create an interesting point where the original author and the fans can communicate with each other. Hellbound’s novel worldview has already been recognized by the global public, and the original author is also looking forward to communicating with users interested in this world. Hellbound is the first to unveil on the DOSI Store to prove the way to view content-based NFTs from a different perspective.
■ Anything else people should know about Hellbound?
This was created to please not only existing fans of the Hellbound or original IP but also crypto users who highly expect a merging of big named IP with NFTs or the metaverse. We’re also planning to open a storytelling-based community and holder events like airdrops and merchandise.
■ Do you have any good stories about this process you’d like to share?
I can recall the time when worked on setting up the concept and visual image of the first NFT collection ‘Hellbound Citizen.’ I wanted to keep the distinctive elements that NFT can show as well as the originality of the webtoon. After thinking about it a lot, the worldview and the concept were decided and some skull-shaped parts were also added to highlight the characteristics. I pretty much think the current version really highlights the worldview of Hellbound and NFTs.
■ How do you want to position Hellbound?
As we tried to NFTize the worldview of the Hellbound, we hope it can revitalize the needs of the community with many creators and NFT promotions and be a market leader. We wish Hellbound to become a wonderful IP that can meet the tastes of both the original author, the fans, and potential users.
Enter APOKI: https://apoki.store.dosi.world
APOKI is a virtual K-pop artist known for her lovely looks, fashion sense, great dance moves, and compelling performances. APOKI has more than 40 million fans worldwide since debuting in February 2021 with the digital single ‘GET IT OUT.” In the same year, ‘Coming Back’ and ‘Shut up Kiss Me’ were also released.
■ Why was APOKI included in the first lineup of the DOSI Store?
APOKI found global appeal thanks to her friendly characteristics and three hit singles. As she wished to communicate more closely with fans, there was no choice not to pick her as one of our first projects. There are Afun Interactive and American Billboard hit maker composers with top-notch real-time 3D producing skills backing up APOKI. We hope this virtual idol will keep growing in popularity and bring news fans to the DOSI Store.
■ How did you develop NFTs for APOKI?
We created NFTs using the clothes and materials worn in each of APOKI’s songs while maintaining her appearance as it is. We are developing APOKI to target Millenials and Generation Z’s who can accept virtual characters.
■ Anything else people should know about developing these products for APOKI?
We thought real hard with Afun Interactive about the means or status of gifts to give to fans who purchase APOKI NFTs. I remember the time when we decided to go with a limited LP edition of APOKI that was never sold. And this was to match the one-and-only concept of the NFTs.
■ How do you want to position APOKI?
Every piece of APOKI music conveys a message of “Nourish and Cherish Yourself, Love Yourself.” I hope the DOSI Store can be a place where fans from all over the world gather together to share the sincere messages of APOKI.
Enter DIA TV: https://dianft.store.dosi.world
Operated by CJ ENM, DIA TV is the first and largest influencer business group in Korea. Now, through the DOSI platform, they are also issuing NFTs of famous influencers and creators, in fields like music, travel, beauty, food, and games. Users will be able to share the positive energy and messages conveyed by influencers and communicate directly with creators. There are also opportunities to win lucky drawings, so users can get even more benefits!
■ Why was DIA TV included in the first lineup for the DOSI Store?
I truly believe that an influencer who creates content using their own unique character and communicates well is a perfect fit to be an NFT creator. With DIA TV, we aim to create a new type of influencer and creator to define a different POV of the NFTs.
■ Any important points about how DIA TV is utilizing NFTs?
Various NFT projects are under discussion together with DIA TV. We took concepts like the lucky box, and the first collection will be the influencer’s lucky tarot card. We plan to make different forms of cards with future influencers including the first lineup partners revealed through the teaser site. Benefits, such as albums, merchandise, performances, and duet collaborations are also being considered for holders as well as holder-friendly utilities by holding multiple (tarot) cards. We wish to lower the hurdles of NFT trading so that it can captivate both the existing fans of influencers and the public who have entered the DOSI NFT project already.
■ Any stories you’d like to share?
I remember the time when the DIA NFT partner influencer list was set and confirmed. As you can see in the first Music Vibe influencer lineup, it’s quite amazing! There are creators whom I personally adore and dig, so I still have high expectations of preparing for the next steps of the project.
■ How do you want to position DIA TV?
When you look at our teaser page, the keywords ‘luck’ and ‘hoe’ appear. The subtitle of the entire project is “DIA LUCKY BOX,” where you can literally feel lucky. Influencers will share the message of hope and build a positive community, and such procedures for building a sound ecosystem will be critical for DOSI, creators, fandom, and holders. We wish to develop more content and NFTs where anyone can feel lucky that they’re the only one and only.
AlphaCrewz (LINE Avatar)
Enter AlphaCrewz: https://alphacrewz.store.dosi.world
At AlphaCrewz, users will be able to enjoy an array of services, such as creating derivative works, through a high-quality avatar crew NFT collection which serves as an early pioneer in LINE’s metaverse ecosystem.
■ Why was AlphaCrewz included in the first lineup for the DOSI Store?
The direction of AlphaCrewz or LINE Avatar that we expect is to create an early experience and anticipation for the coming LINE metaverse. Through the overwhelming benefits provided only in the LINE metaverse, we can promote the formation of a sound community so that users can benefit only when they participate and grow together. We released this IP first to inform the early concept of a virtual world where the LINE metaverse will be a space where NFT holders take multiple roles and create together.
■ Any important points about how AlphaCrewz is utilizing NFTs?
We provide a virtual space experience service that embodies the structure of a cruise ship leaving the metaverse world, targeting Millenials and Gen-Zers, fandoms, and crypto people highly interested in owning and benefiting from avatars. Exclusive benefits on the metaverse only and private AlphaCrewz NFT will be revealed, and this space will be an attractive hub for users who are into running a business and monetizing with avatars.
■ Any stories you’d like to share?
Although this was a lot of work with a tight schedule, I remember feeling so much energy from seeing a draft image of a very trendy avatar, even before it was fully designed. It’s quite hard to find a project with high-quality NFT image content, but I felt overwhelmed that the project I’m in charge of is beyond excellence.
■ How do you want to position AlphaCrewz?
AlphaCrewz’s crews will be implemented in various digital forms in this infinite realm of the metaverse. Starting with activities avatars can be involved in like an idol, dancer, and influencer, we’re open to all possibilities not limited to merchandise production and real ads. We’ll try to establish ourselves as a standard and exemplary use case in the NFT industry.
NOW. Drops (AVA)
Enter NOW. Drops: https://now.onava.com
NOW. Drops will allow you to keep the colorful moments of your favorite artists streaming on NOW as an NFT. This is a project that interprets the digital content field that existing fandom held and adds changes to improve it.
■ Why was NOW. Drops included in the first lineup for the DOSI Store?
The concept of the NFT may still be unfamiliar to fans, but in reality, it is a technology that works well with the fandom community. We wanted to make it public as soon as possible as we recognize that the fan community in the artist fandom realm is stronger than any other kind of community and stronger than most people realize.
■ Any important points about how NOW. Drops is utilizing NFTs?
NFT minting is possible by users directly selecting an artist’s moment. This means you can monopolize the drops and own undisclosed products as NFTs. When the C2C transactions are supported, reliability and convenience are also given in exchanging photo cards and goods. Oh, being able to pay using Naver Pay, LINE Pay or a credit card makes it super convenient! The most trendy and popular groups in K-pop fandom and among Millenials and generation Z will be the next targets and they’ll keep the artists’ moments with their own crystal NFTs through NOW. Drops (AVA).
■ Any stories you’d like to share?
I’m a typical man or at least I enjoy cosplaying as a real tough guy when I watch UFC, but ever since I started watching idol videos for this project, I started doubting my tastes…. I think I have become an idol addict too…
■ How do you want to position NOW. Drops?
I personally think NOW. Drops is a mandatory project for artist fandoms because the functional elements of NFTs can have a beneficial effect on the relationship between the artist and the fandom. We’re making a way to deliver the value of NFTs to fans through NOW. Drops by pioneering a new realm of ownerships of digital content that existing fandom-oriented goods could have never handled. Our mission is to create content that fans and artists can use to communicate closely.
⎮ LINK Overview
❖ Data is based on the last day of each month.
■ LN Market Cap: 282.82mn USD
■ LN Price: 45.46 USD
■ Monthly Trading Volume: 208.99mn USD
■ Circulation: 6,221,847 LN
■ Officially Listed Exchanges: BITFRONT, BITMAX, Bithumb
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**This newsletter is issued by LINE TECH PLUS (LTP), which operates LINE Blockchain.
**Disclaimer: LINE TECH PLUS informs the business and services related to the LINE Blockchain ecosystem as an operator of LINE Blockchain Mainnet and the LINK issuer. Please note that the business entities differ by service.