Line Subsequent, the NFT subsidiary of Japanese messaging big Line, has raised $140 million in a funding spherical led by personal fairness agency Crescendo Fairness Companions. The funding marks the most important backing for an Asian blockchain firm this yr, the corporate claims.
The agency plans to make use of the recent capital injection to develop its international NFT enterprise and introduce new companies to advertise wider Web3 adoption. First on the agenda is the official launch of Dosi, Line Subsequent’s international NFT market, in January 2024.
Built-in with Line’s present NFT platform in Japan, Dosi will probably be supplied as a cellular app that allows international buying and selling of digital belongings.
Line Subsequent—which relies in South Korea but in addition has places of work within the U.S. and Japan—can also be growing a social app powered by AI avatars, in addition to blockchain video games using Line’s well-liked Brown & Mates characters from the Line Mates IP. The corporate additionally operates the Sport Dosi platform, which hosts quite a few NFT video games.
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In April, Line Mates IP proprietor IPX introduced a collaboration with well-liked Ethereum NFT venture Azuki that can yield issues like merchandise, content material, and occasions.
Line’s new companies will probably be constructed on the blockchain community Finschia, which was beforehand known as Line Blockchain (and initially the Hyperlink Chain). Finschia’s native cryptocurrency is LINK. Line Subsequent and the Peter Thiel-backed Crescendo will be a part of the Finschia Basis to contribute to increasing the blockchain’s ecosystem.
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“Line’s international competitiveness and its imaginative and prescient to steer Web3 companies have been the funding thesis,” stated Crescendo Managing Companion Kevin Lee. “We hope to construct a regular for Web3 apps that basic customers can simply use and undertake blockchain to all types of companies and types of Web2.”
Editor’s observe: This text was written with the help of AI. Edited and fact-checked by Andrew Hayward.
