LINE Blockchain Monthly Newsletter: January 2023
Thanks to the enthusiastic support of our community, LINE Blockchain is at the center of attention each and every day. To make sure this is not a temporary phenomenon and to stand out in a wide variety of aspects, we plan to focus on the essence of our business and facilitate even greater growth of the LINE Blockchain Ecosystem.
The newsletter is issued on the 10th of every month, and this day is one on which we look back over the past month and refresh ourselves. Going forward, LINE Blockchain will continue to use thorough preparation to wisely conduct business without faltering in any market environment.
⎮ Highlights & Main News
LINK Payment Available on Global NFT Platform DOSI
LINE’s crypto asset LINK has been made available as a payment on the global NFT platform DOSI. Anyone using LINK’s non-custodial wallet DOSI Vault can use LINK for trading NFTs on DOSI, and more currency options (including credit cards and Naver Pay) will be added accordingly to pursue a multi-currency trading system. ( > related article)
Official Launch of DOSI Vault
The Chrome extension version and OS version of the LINK’s exclusive non-custodial wallet DOSI Vault have been officially released. Users can easily store and manage LINK on the Chrome web store and mobile devices as well as sell/purchase NFTs through LINK by integrating LINK with DOSI Wallet. By transacting NFTs with LINK on DOSI through DOSI Vault, a wide range of benefits will be provided. Please look forward to more details from the DOSI team.
■ DOSI medium: https://medium.com/@DOSI_official
■ DOSI Vault: vault.dosi.world
Blockchain EXE by LINE Xenesis
LINE Blockchain’s executive members in Japan led a session that covered how to deal with the current status of LINE NFT businesses both domestically and abroad. Operating from the beginning of the blockchain business to the official service of the leading NFT marketplace in Japan, members shared how they were viewing the current Web3 era. With a great sense of pride, LINE saw the potential for NFT mass adoption and figured out how to continue to prove it. ( > related article)
- ■ Trends in the blockchain market and current LINE Blockchain business
- ■ NFT marketplace structure explained by LINE
- ■ NFT marketing and effects
** Attached slides in the article are written in Japanese.
LINE NFT Launches Japan’s Renowned IP CryptoNinja NFT Collection
The famous IP CryptoNinja, which has received a great deal of love in Japan, unveiled the first official collection of CNP Toys through LINE NFT. Pieces of CNP Toys all sold out in 4 minutes after the sale began, and the secondary market is also available. More diverse CryptoNinja collections will be released sequentially, and LINE NFT plans to continue to discover leading IPs and partners in order to provide an easy yet fun NFT trading experience to all. ( > related notice)
⎮ TMI #1. Interview by LINK Strategy Team
Since the recent disclosure of the Zero Reserve strategy, both LINE Blockchain (LTP) and global NFT platform DOSI (LINE NEXT Inc.) are riding a wave of positive trends in business as a lifelong companion. Expectations on DOSI for the expansion of LINK usability are growing further since LINK was introduced as one of the payment methods.
Want to know more about it? Let’s hear from the LINK Strategy team and the DOSI Biz/Strategy team for their next journey.
■ Since recently announcing zero reserve strategy, LINE Blockchain has been getting a lot of attention in the market! What does zero reserve mean to the team?
I believe the zero reserve strategy gave us an opportunity to clarify our business direction and bring projects that will be worked on together. Existing platforms often adopted a token economy based on high inflation and large reserves. This did seem to be advantageous in terms of expanding the initial ecosystem, but the effect did not last long and ultimately caused great confusion to the ecosystem participants as the token value was quickly diluted. In this situation, zero reserve laid the foundation for a solid token economy. I believe this is why a lot of projects trying to make good, sincere services have come to us. Officials also say that they would have to do business in a blockchain with a stable token economy ecosystem.
■ Isn’t LINK payment available on DOSI?
Since January, LINK payment has been supported when trading Citizen NFTs on DOSI. B2C transactions also became available through Citizen Pet sales. Soon, the DOSI Vault iOS app and a full version supporting LINK payments will be released. In addition, we plan to expand to support LINK payment for NFTs from other stores as well as the Citizen NFT. LINK payments are growing really fast! The daily LINK payment rate in the DOSI marketplace is around 50-70% according to the DOSI data. Currently, the LINK payment size is more than twice the ETH payment size.
■ What are the advantages of paying with LINK?
First of all, the gas fee has been reduced by more than 98% compared to Ethereum. You can save that much. In fact, if you receive the Citizen NFT sales amount in the form of LINK, the price is formed at about a 40% higher level, considering the ETH gas fee. Also, when we trade NFTs via LINK payment, more than 30% of DON is provided as a reward. It seems that a lot of users are using LINK payment to receive more DON.
We plan to work closely with DOSI in order to advance the direction of providing more benefits when paying with and holding LINK. Since it is clear that DOSI is a LINE Blockchain-based platform that LINK can be the next generation of the NFT mass adoption and its popularization. We are definitely putting a lot of thought into how to strategically and further promote LINK payments. In the end, our goal is to establish LINK as a key currency used and possessed the most by users in the popularized global NFT market.
■ Currently, it seems that some users have difficulty using LINK payments. Any improvement plan?
Our goal is to make the LINK payment process in DOSI much easier and faster than it is now. First, we are creating an environment where LINK can be traded smoothly through consultation with several global exchanges. As for the wallet, the dev team is working hard to simplify the parts as much as possible, including the deposit/withdrawal procedure and the payment process to enable easier use by all users.
⎮ TMI #2. Interview by DOSI Biz/Strategy Team
■ How is your team doing these days?
For DOSI, after sharing some data index with the community to show how DOSI is growing and we have been receiving a lot of attention. A myriad of NFT projects, along with group affiliates, are providing us with great proposals. We also started discussing a project that has been put on hold again. It is also inspiring that North American companies are making proposals and not just the major countries in LINE, such as Japan, Thailand, and Taiwan. Thanks to that, the business is being conducted in a much better environment than before.
■ The “Lined Up Restaurants” membership project you are in charge of has been successful. How did you start the project?
While contemplating a category that could attract attention from people of all ages and could lead to popularization in the Web2 perspective at the same time, I picked gourmet as the keyword. CJ ENM already had a number of gourmet-related IPs, and I wanted to create synergy with Lazy Gourmet Club (LGC), which has a history of conducting similar NFT projects. As people in their 20s and 30s spend a lot on food these days, I wanted to create the ultimate NFT community through gourmet.
■ It must have been difficult preparing for the project, especially considering the poor market conditions.
Although we have utilized a well-known IP, it was a challenge to get the public aware of the F&B NFT membership since it’s crypto winter. Promotion is really hard when people are just not interested. First things first, we held a whitelisting event to promote our membership. However, the initial participation rate was very low. Immediately, the three companies gathered and discussed solutions, and we then decided to carry out marketing in our fields through the method we’re best at. DOSI and LGC utilized Web3 channels, and CJ ENM utilized tvN’s official social channels. In particular, this was the first time that CJ ENM mentioned and actively promoted an NFT project on social channels. I guess this is when we witnessed the power of an IP. (Laughs) The inflow through tvN was high. After that, a total of 8 events were held. The 1st and 2nd sales sold out within 1-3 seconds. The price range was set around 60 to 70 dollars, which was pretty high, but the 900 stocks we prepared sold out.
■ Does the Lined Up Restaurants membership have a higher unique user ratio than other NFT projects?
Usually, unique users in this kind of NFT project account for less than 30%. This is because a small number of whales often purchase a large volume of NFTs. Moreover, since the gourmet project is an unfamiliar concept, it was not easy to attract participation from many users. Nonetheless, about 5,000 users from the DOSI community have participated, recording a level of 40-50%. This can be interpreted as many people sharing the NFTs.
We plan to further solidify the partnership among the three companies, starting with this “Lined Up Restaurants” membership project. We also will continue to create good content using various IPs. We would appreciate participation and support from the community!
■ What type of payment method does the Lined Up Restaurants NFT holders prefer?
It is difficult to get data on the number of LINK holders and Ethereum holders and then figure our what type of payment method they choose. Since so many active users have LN (LINK group) in their Discord nicknames, I believe many LINK holders possess the Line Up Restaurant NFTs.
■ What kind of content like Lined Up Restaurants do you think will appeal to the public?
n addition to gourmet, we expect games (GAME DOSI), avatars (AlphaCrewz), and fandoms (AVA) we are preparing to greatly contribute to the mass adoption of NFTs. We are working on these services to provide them to our users soon. Also, NFT-applied services are expected to emerge in a wide variety of industries such as sports, character, and distribution. We are also keeping an eye on this as we prepare.
■ Do you have anything to add?
I hope DOSI becomes a game-changer for the NFT market. How can it become a game-changer? I believe we need to create a sustainable model first. When it comes to the reason for starting Web3… There may be various opinions on this. One of them would be a structure that returns profits to users who have contributed to the growth of the ecosystem. To be able to return profits to users, DOSI must also have a revenue model. That is how one way it can share revenue with the users who contributed to the ecosystem.
Numerous projects have declared to apply this structure, but have failed in many attempts. DOSI has the capacity to create these models and is designing them in a sustainable format from the start. So when the product comes out, I expect it to be a game-changer. Of course, there may be some trials and errors since it’s our first time trying. We are planning on pioneering a new business while overcoming barriers. I hope this becomes the cornerstone for DOSI to open the Web3 market.
⎮ TMI #3. Episodes by DOSI Team
Hellbound AMA by DOSI Biz crew
I remember last October when we had a Discord real-time AMA with director Yeon Sang-ho and writer Choi Kyu-seok of Hellbound. We had more participants than we expected at that time, so we had lag in Discord and sudden termination of the admin account. We were in a panic because things were not going as planned. Still, it was meaningful because we were able to communicate with community users and receive real-time feedback. Also, I was really proud of being able to provide an opportunity for the fans to communicate with the director and writer.
DOSI Citizen Airdrop by DOSI Marketing crew
I am working on a marketing team, so I work closely with the marketing agency. Since NFTs are an unfamiliar field to the marketing agency we analyzed the targets and set up advertisements while studying together in the beginning. After working like that for a while, the agencies we worked with each received a Citizen Lv. 1 NFT via airdrop when DOSI was launched in its beta form. It was really funny when one of the agency members received the best-looking NFT ever. We were all blown away. It was bald, shoeless, and wore clothes that looked like a prison uniform, which reminded us of a middle-aged man just out of prison!
⎮ LINK Overview
❖ Data is based on the last day of each month.
■ LN Market Cap: 280.01mn USD
■ LN Price: 41.58 USD
■ Monthly Trading Volume: 8.14mn USD
■ Circulation: 6,734,458 LN
■ Officially Listed Exchanges: LINE BITMAX, Bithumb, MEXC Global, Gate.io, Huobi Global
Follow LINE Blockchain on Twitter or Facebook for the latest news and updates. A monthly newsletter is issued on the 10th of each month or the following business day in the event of a weekend or holiday. Advance notice will be made through social channels should any delay, omission or other issues occur.
**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.