LINE Blockchain Monthly Newsletter: June 2022
A heat wave has been hitting Korea for the past couple of weeks, but we hope you all are doing well. Offline events have resumed, dealing with such interesting topics as blockchain, NFT, and the metaverse. For LINE Blockchain, we have been reconsidering our fundamental concerns: Can blockchain technology and NFTs change people’s lives? And, if so, how might those changes help attract more potential users? We have been promoting the NFT business through two approaches – the Japan market and the global market – but recently we made the decision to postpone the launch of the DOSI platform to better present our business as a single, global product. By presenting this project as a single build, we aim to reach users around the world equally and ensure the success of our service. All new products and services, as well as the DOSI platform, will provide a better user experience, which is the main message we hope to convey in this June edition of our newsletter.
⎮ Highlights & Main News
DOSI Platform’s Delayed Launch
The official launch date for the DOSI platform was recently changed to improve the NFT product launch strategy with our key partners in a rapidly changing market environment. With this postponement, DOSI’s user interface will be expanded so it can be serviced in major countries around the globe including Japan. Following a beta launch in the third quarter and the official launch later this year, we plan to release an array of LINK-based programs, such as from fiat/crypto to LINK payments, a DOSI membership program, and more, where any users can receive as many user-friendly benefits as possible.
LINE to Be No. 1 in Southeast Asia as a Winner-Takes-All Industry Platform
LINE Plus CEO Eunjung Lee said that LINE, with over 176 million users in Japan, Taiwan, Indonesia, and Thailand, aims to be in the vanguard of “Beyond Japan” by expanding its businesses overseas. LINE Plus, a 100% subsidiary of LINE Corp., was established in Korea in 2013, and focuses on Taiwan and the Southeast Asian markets together with blockchain/NFT and fintech corporations, as well as leading the movement into Web3. LINE NEXT is fully dedicated to promoting the blockchain and NFT businesses, and LINE NEXT and LINE Plus together are aiming to pioneer new fields of technology as LINE looks to take a dominant position in this new field.
◼︎ Read a relevant interview (Korean only): “플랫폼은 승자독식…동남아 1위 될 것”
◼︎ Read a relevant interview (Korean only): “하이퍼로컬이 곧 글로벌” 2억명 메신저 라인은 요즘”
LINE Games to Build IP-based Web3 Ecosystem with LINE NEXT
DOSI Wallet will provide not only payment and trading services, but also a variety of NFT experiences and social features as a social passport within the DOSI ecosystem. User-friendly payment methods, such as crypto, LINE Pay and Naver Pay, will be supported, as well as simple login with social media accounts. DOSI has teamed with the popular Korean theme park Lotte World to celebrate the new opening of a new theme park in Busan and DOSI Wallet’s service launch by having held an NFT airdrop event. The two companies aim to capture the popularity and the expandability of NFTs with Lotte’s high reputation and the cutting edge of the DOSI platform.
◼︎ Read the original (Korean only): “라인게임즈, 자사 IP 기반 웹 3 생태계 구축 본격 시동!”
NFT FOR BUSINESS: The Future of Marketing with LINE CREATORS by LINE Thailand
A virtual event was held by LINE Thailand on June 23, 2022 to showcase LINE as a leading digital platform by enhancing and educating businesses about NFT trends and NFT marketing, and presenting NFT marketing as a new way to do business in the digital world. In addition, the event unveiled exclusive brand NFTs with LINE CREATORS, introducing a list of potential LINE STICKERS CREATORS in Thailand as an opportunity for brands and marketers to collaborate for effective NFT marketing campaigns.
◼︎ Event agenda: https://lineforbusiness.com/th-en/
◼︎ Watch previous LIVE: https://lin.ee/R4FKdoY/wcvn**(Available only in Thai)
[Interview] What NFT is by LINE NFT by Kurihara Toshiyuki (LINE NFT Lead at LINE Xenesis) & Kadono Daisuke (Blockchain Lead at LINE Xenesis)
Terms such as blockchain, metaverse, and Web3 are widely known and used these days, and there is probably no one who has not heard of “NFTs.” However, although most people have heard of NFTs, only a few can accurately explain what NFTs are, why they are needed, and where they can be used. LINE NFT, the easy-to-use NFT marketplace that launched in Japan in April, aims to show that NFTs are no longer a difficult concept, but a convenient and friendly service offering everything from expensive art to simple works that cost as little as 300 yen.
Of the numerous marketplaces where one can purchase and trade NFTs, LINE NFT is characterized by an easy, one-stop function, offering a LINE login and payments in Japanese yen. This means that anyone with a LINE account can purchase NFTs without needing to install, register, or pay fees for a separate wallet service. NFT collections arranged by LINE NFT all sold out in seconds, and the service is now being positioned as a leader for Japan.
One notable observation to come from the LINE NFT team’s analysis is that NFTs linked to storytelling are popular with big fandoms, and this approach is now becoming a major focal point in the marketing strategies by the entertainment industry. By reflecting the worldview of each famous Janapese artist in the NFT collections, the LINE NFT team is spreading a message that there’s an NFT that’s right for every fandom. As a relationship between fans (users) is formed through trading a collection that contains the artist’s own tendencies and individuality, the NFTs introduced and sold by LINE NFT go beyond mere digital assets and instead become part of a relationship-oriented communication and unique culture.
Rather than focusing on sales revenue or performance, LINE NFT constantly thinks about the way NFTs can please the fans, how the fans’ participation can positively impact on the artists and the NFT/blockchain ecosystem, and how mutual value can be created and expanded.
In order for NFT projects, including LINE NFT, to reach a wider audience, we also hope that NFTs can be used to establish a clear concept of what NFTs really are by starting with easy and practical uses, such as PFP settings and LINE stamp collections. We expect that both LINE NFT and DOSI will help popularize NFTs by utilizing the strengths and know-how of each service and the power of LINE.
◼︎ Read a relevant interview (Japanese only): LINEのNFT戦略を聞く 増える販促利用、人気はファンアイテム
◼︎ Read a relevant column (Japanese only): NFTがぐっと身近なものに 総合マーケットプレイス「LINE NFT」の勝算
2022 Hello NFT! Report
In this month’s TMI section, we’d like to talk about the “Hello NFT!” event that was held in June to highlight how the barriers to entry for NFTs have really come down, and to explain how communication among users in the NFT community differs from other blockchain projects, why that is important, how to build cohesive relationships, and how to develop related communities.
Hello NFT! was held in June for NFT holders and beginners, Web3 founders, and anyone who is interested in the NFT community. It presented many stories about NFT-focused business models as well as the operation and importance of communities, making it a great opportunity for NFT beginners to take a deep dive into NFTs while also serving as a place for existing stakeholders to network extensively. Hello NFT! was intended to convey a message of sincere hope that NFTs will expand as a service and a type of content through cultural experience — not as a means to increase wealth but to create added value based on the three core keywords of NFTs: experience, culture, and togetherness. This event differed greatly from other NFT-related offline events in that the parties of each project directly gave examples while talking about their experiences related to the connections between the NFTs and actual objects.
◼︎ Event agenda: https://www.hellonft.live/
The PFP NFT Community
◼︎ BUG CITY
BUG CITY is not directly running an NFT business but it is creating an economy by dropping image files on Web3. They can benefit from image trading even without NFTs while also naturally spreading the awareness of NFTs to the world that the more you play, the more you can contribute to economic development. This comes alongside the concept of ‘Tweet 2 Earn’, where you can earn rewards by posting content on Twitter. Currently, even in a virtual society that is not very different from our everyday lives, the most important factors recognized are people, economy, and culture, and blue chips are being formed by the expansion of activities between communities through interaction through exchanges. BUG CITY considers the lack of practicality to be a problem with today’s NFT market and believes that the future of the PFP NFT depends on the country (Web3), people (PFP NFT), and culture and economy, which can be achieved through the construction of a virtual society.
◼︎ Klaymfer (a.k.a klfer)
Klaymfer refers to an Ether-based ‘mfer’ made by Sartoshi that is localized in Korea and differs from the original in that it can be obtained by an airdrop rather than minting. The reason why the IP creator does not receive any revenue through free airdrops regardless of public demand or public awareness of the IP is that the project does not have the technology to mint NFTs or promote other commercialization. This means that there is no roadmap, no staking, no tokenomics, no mining, etc. In the case of both mfer and klfer, in a situation where artists are only publishing their works, the direction in which participants—the essence of NFT content and communities—are directly establishing a connection has become a crucial characteristic and strength of the project. It differs from other NFTs as it is a project based on friendship rather than investment. Individuals post on Twitter, regardless of typos, aiming for a CCO (Creative Commons) project. This is their main method of communication as they set their profile pictures with klfer images and press ‘Like’ on each other’s pictures. In other words, while active social butterflies continue to move forward through Twitter and Discord on klfer, the benefits that the original IP creator will get from it have not yet been realized, so this is considered to be an opportunity for NFT holders to overcome the hurdles of NFTs as the barriers to entry are currently low.
◼︎ Shy Ghost Squad
Shy Ghost Squad aims to make the 2030 lifestyle richer by serving as a bridge between reality and Web3/the metaverse for those who are interested in NFTs but don’t know how they work. It is a creator-based NFT brand created by famous creators and blockchain experts where users form a community through ghost characters, meaning that individuals have a ticket to self-development just by owning the Shy Ghost NFTs. They hold different meetings according to their interests through creative activities among holders, and they’re also welcomed to make sessions on blockchain technology, NFTs/Web3, the metaverse, etc., or to stand on stage as a speaker through the Shy Ghost Squad. In other words, the PFP NFT defined by this Ghost Squad is that it can be positioned as a kind of culture by combining the meaning of more than a concept with an image that reflects personal tastes.
The NFT Holder Community
What community holders usually think about their communities is that the more the project is run by individuals, the more difficult it is to conduct aggressive marketing, and the benefits or results that can be derived are further lacking. As a result, when people with similar personalities come together, they can create a stronger cohesion for one direction. For holders to truly enjoy a community, project operators and stakeholders must start by not shifting the responsibility of management onto the holders. In a situation where “fake” communities are prevalent these days, according to operational goals, methods, etc., we would like to start by introducing a PFP project focusing on the holder communities and giving meaning to the concept of owning something together. We listen carefully to what the true holders are saying about what it means to be part of the blue-chip NFT communities you’ve only heard of through the holders of BAYC, Clone X, and Doodles (the current best blue-chip PFP communities).
(1) BAYC is already the most-well know brand and the god-king of the NFT world, where a poo of tru Web3 lovers, as well as a place where only those who can actually implement their business come together. It is also where Web3 and DAO are utilized, so is a suitable community for those who want to be pioneers of the trend change. BAYC strongly believes that the tendency to shift responsibility to holders needs to be avoided. (2) Clone X is one of Nike’s subsidiaries that thinks a resale market is directly connected to the NFT world. They are very proud to share their brand values with other holders in the NFT space on Twitter as they believe when workers in the industry commonly purchase NFTs, it meets the criteria of the true taste of individuals rather than their functional factors. They might have the insight to anticipate what will be worth it and what real swag is. (3) Doodles always think about the evolution of Web3 as one of the most well-known NFTs at the forefront of both music and painting. They are the most sensitive to trends, so they think it is attractive in that they can communicate with other holders in a space where there is no standardized roadmap while trying the most novel and new things in the world. One thing is there are very few free airdrops, which means that holders have fewer opportunities to make money on a continuous basis. However, it can be also an advantage due to being able to increase the number of loyal holders instead of increasing the number of holders, because it is possible to focus on holders who are already optimized for buying and selling.
Listening to the stories of those involved in various projects through Hello NFT!, it became clear that the first thing that’s needed for LINE Blockchain is to understand the activity level of each community and its members. The fundamentals of an NFT project must be established to promote its other activities, and it is necessary to think about what the true benefits of “participants/contributors” are to solve the issue related to the fairness and justice of NFTs. We should also think about the common problems that many projects, including the NFT projects of LINE Blockchain, are facing and we should do our best to help the wider public understand the value and usefulness of NFTs, instead of thinking of them as speculative investments or having limited usefulness. Hello NFT! was a much-needed event that demonstrated the public’s interest in NFTs, giving people an opportunity to explore and better understand the subject. LINE Blockchain is very grateful to be backed by the brand power of LINE and will continue to think deeply from the perspective of users so that they can feel a sense of belonging through being active in NFT communities.
◼︎ Source: https://www.hellonft.live/
**This event was an external event hosted by Hello NFT!, and the article was written with reference to a speech at the event and with the consent for the use of digital assets taken on site.
⎮ LINK Overview
❖ Data is based on the last day of each month.
■ LN Market Cap: 207.77mn USD
■ LN Price: 33.68 USD
■ Monthly Trading Volume: 243.02mn USD
■ Circulation: 6,168,503 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.