Line Next Raises $140 Million for NFT Marketplace Launch
Line Next, a venture focused on the development of the nonfungible token (NFT) ecosystem, has secured $140 million in funding as it prepares to launch a global NFT marketplace in January 2024. The venture emerged from the South Korean messaging app Line and is committed to exploring Web3 initiatives. The funding round was led by Crescendo Equity Partners, a private equity firm backed by Peter Thiel.
DOSI: Line Next’s Global NFT Marketplace
Line Next plans to launch its global NFT marketplace, called DOSI, in early 2024. DOSI will integrate with Line’s existing Japan-based NFT marketplace and will be available as a mobile app worldwide. Additionally, Line Next will introduce new Web3-focused services using part of the funding, including a social app for AI-generated characters and Web3 games.
Partnership with Finschia Foundation
The Finschia public blockchain will be utilized by Line’s NFT marketplace. As part of the partnership, Line Next and Crescendo will become governance members of the Finschia Foundation. Currently, Line Next serves 5.5 million users globally.
The Significance of Web3 Messaging
In discussing the benefits of Web3 messaging, Line Next CEO Mac highlighted how it offers a new form of identity where individuals’ wealth and personality are tied to their wallet addresses but lack communication capabilities. This innovation enables message verification through wallet signatures and ensures users have full control over their information and interactions on the internet.
Hot Take: A Boost for the NFT Ecosystem
Line Next’s successful funding round of $140 million demonstrates strong support for the NFT ecosystem. With the upcoming launch of DOSI, a global NFT marketplace, Line Next aims to provide a user-friendly platform for buying, selling, and trading NFTs worldwide. The integration of Web3-focused services and the partnership with Finschia Foundation further solidify Line Next’s commitment to exploring and expanding the potential of NFTs. This development is a positive step in advancing the adoption and mainstream recognition of NFTs in the digital art and collectibles market.
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