Line Next Secures $140 Million Funding for NFT and Web3 Ventures
Line Next, a leading player in the NFT industry and a collaborative effort between SoftBank and Naver, has recently announced an impressive funding achievement of $140 million. This investment is led by Crescendo Equity Partners and is considered the largest blockchain and web3 investment in Asia this year.
CEO Emphasizes Importance of Funding in Challenging Investment Environment
Youngsu Ko, CEO of Line Next, highlighted the significance of securing this funding, especially given the global contraction in investment opportunities. He stated that it is a notable achievement to secure such funding in the current investment climate.
Funds to Drive Global Expansion and Innovation
The funds raised will be used to propel Line Next’s global business forward and develop innovative offerings. This includes launching a global NFT marketplace, introducing a virtual avatar social app, and creating more web3 games. The goal is to revolutionize how users interact with and value their digital assets.
Line Next Thrives Despite Downturn in NFT Trading
Despite the recent decline in NFT trading volume, Line Next continues to lead in the digital assets space. The company has already established an NFT platform featuring K-pop star collectibles and launched multiple web3 games. They have amassed a user base of 5.5 million with over 470,000 transactions.
The Resilience of the NFT Market
The resilience of the NFT market is evident through broader trends. Collectors are increasingly focused on long-term asset holding, as indicated by a report from NFT18. The period between purchasing an NFT and reselling it has nearly quadrupled since 2021. Additionally, platforms like OpenSea maintain a healthy number of active wallets, with over 192,500 unique wallets on the marketplace.
NFT Marketplaces Evolve for Better User Experience
Carlos Diaz, the head of UNCUT, a creator-focused NFT platform, highlights the evolving nature of NFT marketplaces. He emphasizes the importance of enhancing the user experience and building strong interest-based communities. Diaz notes a shift from speculative trading to community-building within the NFT space.
Hot Take: NFTs Remain a Prominent and Evolving Market
The $140 million funding secured by Line Next underscores the continued interest and potential in the NFT market. Despite recent declines in trading volume, NFTs are still valuable assets that collectors are increasingly holding onto for the long term. The industry is evolving to prioritize user experience and community-building. As the market continues to grow and innovate, there are exciting opportunities for both investors and users in the world of NFTs.
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