LINE NEXT, the NFT arm of Asian messaging giant LINE, has successfully raised an impressive $140 million in investment, marking a significant milestone in the Asian blockchain Web3 industry. The funding round, led by Crescendo Equity Partners and backed by Peter Thiel, aims to pave the way for Web3 adoption and innovation.
With the substantial funding secured, LINE NEXT is now gearing up for the official launch of its global NFT platform, DOSI, scheduled for January 2024. DOSI’s key feature is its integration with LINE NFT, Japan’s NFT marketplace, and its accessibility to users worldwide through a mobile app.
Empowering brands through digital ownership
In addition to its NFT platform, LINE NEXT has ambitious plans to empower brands to grant ownership of their existing digital products. This initiative enables digital assets to be seamlessly traded within the NFT ecosystem. Moreover, LINE aims to introduce web3 games featuring its well-known characters, BROWN & FRIENDS.
Crescendo Equity Partners, the lead investor, is committed to making Web3 accessible to the masses. Kevin Lee, Managing Partner at Crescendo, envisions a future where Web3 applications become the norm, stating, “We hope to build a standard for Web3 apps that general users can easily use and adopt blockchain for various Web2 services and brands.”
LINE NEXT’s CEO, Youngsu Ko, has a compelling vision for the future: “The team plans to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods.”
LINE’s Web3 journey
LINE, a prominent player in the Asian messaging landscape, has been proactively exploring opportunities in the Web3 arena. In December 2021, it established LINE NEXT, and by September 2022, it was ready to introduce the beta version of DOSI, its global NFT platform.
LINE NEXT, the NFT subsidiary of messaging giant LINE, has secured a remarkable $140 million in investment, marking a significant milestone in the Asian blockchain Web3 sector. Spearheaded by Crescendo Equity Partners, a private equity firm with the support of Peter Thiel, this funding round is set to revolutionize the Web3 landscape.
The infusion of capital positions LINE NEXT for the official launch of its global NFT platform, DOSI, in January 2024. DOSI is designed to seamlessly integrate with Japan’s LINE NFT marketplace and will be available as a mobile application for a global user base.
LINE NEXT’s vision extends beyond NFTs, aiming to empower brands to confer ownership of their existing digital assets within the NFT ecosystem. Additionally, LINE intends to introduce web3 games featuring its iconic characters, BROWN & FRIENDS.
Crescendo Equity Partners, the leading investor, is committed to establishing accessibility standards for Web3. Kevin Lee, Managing Partner at Crescendo, envisions a future where Web3 applications become mainstream, stating,
“We hope to build a standard for Web3 apps that general users can easily use and adopt blockchain across various Web2 services and brands.”
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