LINE NEXT, the NFT subsidiary of the widely popular South Korean messaging app LINE, has successfully secured a staggering $140 million in funding. This substantial investment, deemed the largest in the Asian blockchain Web3 industry this year, was orchestrated by Crescendo Equity Partners, a private equity firm with backing from renowned investor Peter Thiel.
About LINE NEXT
LINE NEXT, known for its innovative approach to the non-fungible token (NFT) space, is set to revolutionize the digital landscape with its upcoming global NFT marketplace, DOSI. As the NFT arm of LINE, which boasts 5.5 million users globally and has facilitated over 470,000 cumulative transactions, LINE NEXT aims to redefine brand interactions and introduce engaging Web3-focused services.
Empowering Web3 Services
LINE is diving headfirst into the world of Web3 with a new app called DOSI and a big pile of cash. DOSI will be like a passport to the NFT (non-fungible token) world, making it easy for people around the globe to join the party. It’ll connect seamlessly with LINE’s existing NFT marketplace in Japan, Line NFT, giving users a one-stop shop for all things digital collectibles.
Blockchain Integration and Governance Membership
For the NFT marketplace, LINE NEXT has opted for the Finschia public blockchain. Notably, both LINE NEXT and Crescendo Equity Partners are poised to become governance members of the Finschia Foundation, underscoring their commitment to responsible blockchain governance. This strategic move aligns with LINE NEXT’s vision of popularizing Web3 and creating a new service ecosystem where users truly own the value of their digital goods.
DOSI and the Future of LINE NEXT
The much-anticipated DOSI is not just a marketplace; it’s a testament to LINE NEXT’s commitment to fostering a dynamic Web3 ecosystem. Beyond NFT trading, the platform will introduce a social app allowing users to deploy AI-generated characters and engaging Web3 games. The iconic characters, known as BROWN & FRIENDS, will take center stage in Web3 games, offering a unique and interactive experience.
About the Funding
This $140 million funding round, led by Crescendo Equity Partners, is a strategic move that will propel LINE NEXT into a leadership position within the Asian blockchain Web3 industry. The funds will not only facilitate the launch of DOSI but also drive the development of additional Web3-focused services, solidifying LINE’s role as an industry innovator.
In conclusion, LINE NEXT‘s record-breaking $140 million funding marks a significant milestone in the Asian blockchain Web3 industry. As the company gears up to launch DOSI and introduce a myriad of Web3 services, it is poised to shape the future of digital interactions and redefine the NFT landscape. With a global user base and a commitment to responsible blockchain governance, LINE NEXT is set to lead the charge in popularizing the Web3 ecosystem.
What is DOSI, and when is it expected to be launched?
DOSI is LINE NEXT’s upcoming global NFT marketplace, set to launch in January 2024 as a mobile app. It aims to provide users with global accessibility to engage in the NFT market.
How will LINE NEXT use the $140 million in funding?
The funds will primarily be utilized to launch DOSI, LINE NEXT’s global NFT marketplace, and to develop additional Web3-focused services, including a social app and engaging Web3 games.
What blockchain will power LINE NEXT’s NFT marketplace, and why was it chosen?
LINE NEXT has chosen the Finschia public blockchain to power its NFT marketplace. This decision aligns with the company’s commitment to responsible blockchain governance, with LINE NEXT and Crescendo Equity Partners set to become governance members of the Finschia Foundation.