The NFT Arm of Messaging App LINE Raises $140 Million for Web3 Expansion
The NFT unit of messaging app LINE, called LINE NEXT, has secured $140 million in investment to promote the growth of the Web3 ecosystem. The funding round, led by Crescendo Equity Partners, is said to be the largest in the Asian blockchain and Web3 industry this year.
Crescendo Equity Partners, a private equity firm backed by Peter Thiel, believes in LINE’s global competitiveness and its vision to lead Web3 services. They aim to build a standard for Web3 apps that can be easily adopted by users and integrated into various services and brands.
Introducing DOSI: A Global NFT Platform
With this new capital, LINE plans to launch its global NFT platform, called DOSI, in January 2024. DOSI will be presented as a mobile application to a worldwide user base and will seamlessly integrate with Japan’s NFT marketplace, LINE NFT.
In addition to the platform, LINE NEXT intends to assist brands in providing ownership of their digital products for trading. They also have plans to unveil web3 games featuring their popular characters known as BROWN & FRIENDS.
Promoting Web3 and Collaboration
LINE NEXT aims to popularize Web3 and develop a service ecosystem where users have ownership of their digital goods. As part of the investment arrangement, Crescendo will become a governance member on Line Next’s Finschia blockchain, which is the platform used for DOSI.
LINE NEXT currently has 5.5 million users worldwide and has facilitated over 470,000 cumulative transactions since its establishment in December 2021. The unit has been actively collaborating with other companies, including Sega, to launch Web3 initiatives.
Hot Take: LINE NEXT Secures Major Investment for Web3 Expansion
The NFT arm of messaging app LINE, LINE NEXT, has successfully raised $140 million in investment to fuel the growth of the Web3 ecosystem. This funding round, led by Crescendo Equity Partners, is the largest in the Asian blockchain and Web3 industry this year. With this capital, LINE plans to launch its global NFT platform, DOSI, in January 2024. The platform will integrate with Japan’s LINE NFT marketplace and enable brands to provide ownership of their digital products for trading. LINE NEXT aims to popularize Web3 and develop an ecosystem where users have ownership of their digital goods. This investment marks a significant milestone for LINE NEXT and demonstrates the potential of the Web3 industry.
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