LINE NEXT Secures $140 Million in Funding, Pioneering Growth in Asian Web3 Industry
In a groundbreaking development, LINE NEXT, the NFT subsidiary of South Korea’s renowned messaging app LINE, has secured a record-breaking $140 million in funding. Led by Crescendo Equity Partners, backed by notable investor Peter Thiel, this investment is touted as the largest in the Asian blockchain Web3 industry this year, propelling LINE NEXT into a new era of innovation.
About LINE NEXT
As the NFT subsidiary of LINE, LINE NEXT focuses on revolutionizing the digital landscape. With 5.5 million users globally and over 470,000 cumulative transactions, the platform has rapidly transformed the NFT landscape and is set to make further strides in the Web3 ecosystem.
Founders and Team
The driving force behind LINE NEXT’s success is its dedicated team, led by Youngsu Ko, the CEO. With a vision to popularize Web3 and create a service ecosystem where users truly own the value of their digital goods, the team is poised to redefine interactions in the digital realm.
Backers and Investors
Crescendo Equity Partners, a private equity firm with backing from renowned investor Peter Thiel, leads the impressive $140 million funding round for LINE NEXT. This strategic investment positions the company to embark on ambitious projects in the Web3 space.
Investment Plans and Industry Impact
The substantial funding injection will catalyze the launch of DOSI, LINE NEXT’s global NFT marketplace, set to debut in early 2024. DOSI, presented as a mobile app and integrated with Line’s existing NFT marketplace in Japan, promises global accessibility for users. The funds will also empower LINE to introduce Web3-focused services, including a social app featuring AI-generated characters and engaging Web3 games.
LINE NEXT’s commitment to revolutionizing brand interactions by allowing ownership of digital products within a trading marketplace is poised to reshape the industry. The incorporation of its iconic characters, BROWN & FRIENDS, into Web3 games further adds a unique touch to the platform’s offerings.
Blockchain Integration and Governance Membership
In a strategic move, LINE NEXT has selected the Finschia public blockchain to power its NFT marketplace. Both LINE NEXT and Crescendo Equity Partners will become governance members of the Finschia Foundation, solidifying their commitment to effective blockchain governance.
Conclusion
LINE NEXT‘s groundbreaking funding achievement, coupled with its ambitious plans for DOSI and Web3-focused services, underscores its commitment to shaping the future of the digital landscape. As the platform continues to thrive, it stands as a testament to the transformative potential of NFTs and blockchain technology.
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FAQ
Q1.What is DOSI, LINE NEXT’s global NFT marketplace?
DOSI is LINE NEXT’s upcoming mobile app, set to launch in early 2024, offering a global NFT marketplace with integration into Line’s existing Japan-based NFT marketplace.
Q2.How does LINE NEXT plan to revolutionize brand interactions?
LINE NEXT aims to enable brands to confer ownership of existing digital products, fostering a marketplace for trading and introducing Web3 games featuring its iconic characters, BROWN & FRIENDS.
this article was originally published on https://web3oclock.com/
