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 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.