LINE and Ditto Music Agree to Develop NFT Products on Opulous
Partnership calls for cooperating to develop NFT products and integrate NFT markets
TOKYO – October 26, 2021 – LINE Corporation announced today that LINE TECH PLUS (“LTP”), operator of LINE’s cryptocurrency and blockchain-related businesses, has signed a strategic partnership with Ditto Music to develop Non-Fungible Token (NFT) products on Opulous.
Under the strategic partnership, LINE Tech Plus and Ditto Music will cooperate in developing NFT products. This includes discussing integrating Opulous, Ditto Music’s NFT for music artists for music copyright, with LINE’s NFT Market to provide users with more NFT choices and to help spur the growth of the NFT market. In addition, LINE Tech Plus will provide support to Ditto Music regarding the development of blockchain services based on the LINE Blockchain Developers platform.
Opulous, built by Ditto Music, brings decentralized finance to the music industry, providing an NFT launchpad for the first music copyright-backed NFTs, as well as DeFi loans that will change how artists access the funding they need and an NFT Exchange. Opulous Music NFTs are a new form of Non-Fungible Token, offering buyers a share of a song’s future royalty earnings and exclusive rewards in exchange for social media support.
The LINE-Ditto Music partnership comes as a part of LINE’s plans to continue growing its token economy and expand into NFT markets. Recently, LINE BITMAX Wallet launched a beta version of an NFT market in Japan, where users can manage and trade digital assets and NFT products using LINE’s digital asset LINK, all through a simple login using their LINE ID.
“We look forward to providing interesting NFT products to music lovers everywhere, utilizing our blockchain technology along with Ditto Music’s NFT services.” said Woosuk Kim, CEO of LINE Tech Plus.
“Being the first mover in the Music NFT space, it is important to us to work with high caliber partners. I’m proud to say that we have found one in LINE Tech Plus. We are looking forward to reshaping the music industry and NFT markets with the opportunities blockchain technology provide.” said Lee Parsons, CEO of Opulous and Ditto Music.
■ About LINE Corporation
Based in Japan, LINE Corporation is dedicated to the mission of “Closing the Distance,” bringing together information, services and people. The LINE messaging app launched in June 2011 and since then has grown into a diverse, global ecosystem that includes AI technology, fintech and more. LINE joined the Z Holdings Group, one of the largest internet service groups in Japan, following the completion of a business integration in March 2021.
■ About Ditto Music
Ditto Music is one of the world’s leading music distribution, record label services and artist management companies. It distributes music to over 160 digital stores, including Spotify, Amazon and Apple Music.The company is headquartered in Liverpool and has 22 offices across 19 countries, with approximately 150 employees. Ditto Music has paid out more than a billion USD in royalties, and the platform is housing over 500.000 artists. Major acts such as Stormzy, Ed Sheeran and Sam Smith have released music through Ditto Music.
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