LINE NEXT Raises $140 Million to Popularize the Web3 Ecosystem
LINE NEXT, the NFT division of LINE, a messaging giant based in South Korea, has secured $140 million in funding with the aim of promoting the Web3 ecosystem. This investment is considered to be the largest funding round in the Asian blockchain Web3 industry for this year. The funding was led by Crescendo Equity Partners, a private equity firm backed by Peter Thiel.
With this new capital, LINE plans to launch its global NFT platform called DOSI in January 2024. The platform will be available as a mobile app worldwide and will integrate with Japan’s NFT marketplace, LINE NFT.
Giving Brands Ownership and Introducing Web3 Games
LINE NEXT also intends to assist brands in providing ownership of their existing digital products that can be traded. The company aims to introduce web3 games featuring its popular characters, BROWN & FRIENDS. Kevin Lee, the managing partner of Crescendo, expressed his hopes of establishing a standard for user-friendly Web3 apps and incorporating blockchain into various services and brands of Web2.
Youngsu Ko, CEO of LINE NEXT, stated that their team plans to further popularize Web3 and develop a service ecosystem where users have ownership over the value of their digital goods.
The Social Media Giant’s Web3 Ventures
LINE has been actively venturing into the web3 space. In December 2021, they established LINE NEXT and later launched the beta service for DOSI, their global NFT platform, in September 2022.
Hot Take: LINE NEXT Raises $140 Million for Global NFT Platform DOSI
LINE NEXT, the NFT arm of messaging giant LINE, has secured $140 million in funding to promote the Web3 ecosystem. The investment round, led by Crescendo Equity Partners, is the largest in the Asian blockchain Web3 industry this year. LINE plans to launch its global NFT platform DOSI in January 2024, integrating it with Japan’s LINE NFT marketplace. Additionally, LINE NEXT aims to enable brands to give ownership of digital products and introduce web3 games featuring its characters. The team’s goal is to popularize Web3 and develop a service ecosystem where users have ownership of their digital goods. LINE has been actively exploring the web3 space since establishing LINE NEXT in December 2021.
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