LINE NEXT, the South Korea-based NFT arm of messaging big LINE, raised $140 million in funding to “popularize the Web3 ecosystem.”
In a assertion launched right this moment, LINE claimed the funding was “the most important funding spherical within the Asian blockchain Web3 trade for this yr.” It was led by Crescendo Fairness Companions, a Peter Thiel-backed non-public fairness agency.
With the brand new capital, LINE plans to formally launch its world NFT platform DOSI in January 2024. “Integrating with Japan’s NFT market LINE NFT, DOSI shall be supplied as a cellular app to customers all over the world,” the corporate mentioned.
Giving manufacturers possession
LINE NEXT additionally plans to assist manufacturers to “give possession” of present digital merchandise and permit them to be traded. The social media big intends to introduce web3 video games that includes its present characters often known as BROWN & FRIENDS.
“We hope to construct an ordinary for Web3 apps that basic customers can simply use and undertake blockchain to all types of providers and types of Web2,” Kevin Lee, the managing accomplice of Crescendo, mentioned within the assertion.
Youngsu Ko, CEO of LINE NEXT, mentioned the staff plans to “additional popularize Web3 and develop a brand new service ecosystem the place customers personal the worth of their digital items.”
The social media big has been energetic in venturing into the web3 area. In December 2021, it established LINE NEXT and in September 2022 launched the beta service for its world NFT platform DOSI.
