Line Next Raises $140 Million in Funding Round
Line Next, the NFT subsidiary of Japanese messaging giant Line, has secured $140 million in a funding round led by private equity firm Crescendo Equity Partners. This investment is the largest backing received by an Asian blockchain company this year. The funding will be used to expand Line Next’s global NFT business and introduce new services to promote wider adoption of Web3.
Official Launch of Dosi NFT Marketplace
The first order of business for Line Next is the official launch of Dosi, its global NFT marketplace, in January 2024. Dosi will be offered as a mobile app that facilitates the trading of digital assets worldwide. Integrated with Line’s existing NFT platform in Japan, Dosi aims to provide a seamless and user-friendly experience for NFT enthusiasts.
Development of Social App and Blockchain Games
In addition to the NFT marketplace, Line Next is developing a social app powered by AI avatars and blockchain games featuring Line’s popular Brown & Friends characters from the Line Friends IP. The company also operates the Game Dosi platform, which hosts various NFT games.
Collaboration with Azuki and Finschia Network
In April, Line Friends IP owner IPX announced a collaboration with Ethereum NFT project Azuki, resulting in merchandise, content, and events. Line’s new services will be built on the Finschia network (formerly known as Line Blockchain), with its native cryptocurrency being LINK. Line Next and Crescendo will contribute to expanding Finschia’s ecosystem as part of the Finschia Foundation.
Crescendo Backs Line’s Vision for Web3
Crescendo Managing Partner Kevin Lee expressed confidence in Line’s global competitiveness and its vision to lead Web3 services. The goal is to create a standard for Web3 apps that can be easily adopted by general users, integrating blockchain into various services and brands of Web2.
Hot Take: Line Next Secures Major Funding to Drive NFT Expansion
Line Next’s recent funding round, which raised $140 million, signifies a significant milestone for the Asian blockchain industry. With plans to launch the Dosi NFT marketplace and develop innovative social apps and games, Line Next is poised to make a substantial impact in the NFT space. The collaboration with Azuki and involvement in the Finschia network further highlight Line’s commitment to driving Web3 adoption. This investment positions Line Next as a key player in the global NFT market, contributing to the growth and development of the blockchain ecosystem.
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