Yahoo! Japan is the latest platform to embrace non-fungible tokens [NFT]. The platform’s collaboration with messaging firm Line will reportedly lead to a trading initiative that focuses on NFT trading.
2021 proved to be an excellent year for the crypto-verse. With the price and popularity of cryptocurrencies increasing without any barricade, all eyes were on the market. Soon NFTs made a debut, and the focus traversed to this. NFTs garnered all the attention and found a stronghold below the crypto spotlight. People across several industries began trying out their hands in the NFT space. Yahoo! Japan was the latest firm to do so.
In a recent announcement, the platform revealed that it joined hands with Line to explore the NFT space.
Yahoo! Japan is the latest platform to dive into the NFT space
In the announcement, the platform noted that it would roll out secondary trading for NFTs that would be issued on Line’s blockchain. These NFTs would then be auctioned on Yahoo! Auctions. This NFT trading service is expected to go live by the end of 2021.
The announcement further read,
“We will work with other partners to revitalize the distribution of valuable content and contribute to the expansion of the secondary distribution market in the NFT industry.”
Both the parties involved would use Yahoo! Auctions along with Line’s Bitmax wallet. Users would then be able to trade their NFTs through Line’s Bitmax wallet on Yahoo! Auctions.
Yahoo! Auctions was rolled out as a competition to eBay. eBay had recently expressed its interest in the NFT space. The CEO of eBay, Jamie Iannone, spoke to CNBC about the same and said,
“One of the great things about eBay is when there’s a new trend, it just shows up on eBay. That’s what we’re seeing in areas like NFT, which we’re looking at how can we explore that better.”