LINE NEXT, a South Korea-based social media platform, has completed a $140 million funding round led by Peter Thiel-backed private equity firm Crescendo Equity Partners. This funding round, described as Asia’s largest Web3 investment in 2023, signifies a significant step forward for LINE NEXT’s Web3 ambitions.
The company has outlined clear plans for utilizing this capital infusion to expand its global footprint and promote the adoption of Web3 technologies, particularly in the Southeast Asian region. LINE NEXT’s move into the Web3 space is characterized by several exciting initiatives, including the development of an NFT marketplace, a social app for AI characters, and a suite of Web3 games.
One of LINE NEXT’s standout initiatives is the introduction of a digital marketplace for non-fungible tokens (NFTs) called DOSI. Expected to launch in early 2024, DOSI will serve as a mobile app, enabling users to buy and sell digital collectibles on a global scale. This move aligns with NFTs’ growing interest and popularity within the Web3 ecosystem.
Facilitating communication with AI characters
In addition to its NFT marketplace, LINE NEXT is exploring the development of a social app designed to facilitate communication between AI characters. This innovative concept could offer users a unique and immersive way to interact with artificial intelligence entities, expanding the boundaries of social networking within the Web3 domain.
Recognizing the growing demand for Web3-based gaming experiences, LINE NEXT has unveiled plans to release a suite of Web3 games. These games are intended to engage a broader audience, leveraging the appeal of Web3 technology to create immersive and interactive gaming experiences.
Empowering businesses with Web3 solutions
LINE NEXT also aims to provide Web3 solutions for businesses seeking to offer their customers full ownership of digital products. The company plans to leverage the publicly distributed ledger Finschia as the foundational layer for these solutions to achieve this. This approach aligns with the broader Web3 movement’s emphasis on decentralization and user empowerment.
LINE NEXT’s CEO, Youngsu Ko, expressed enthusiasm for the funding round and the company’s Web3 endeavors. He emphasized the significance of securing this funding, especially in a contracting global investment environment. Ko stated, “We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods.”
Web3 funding landscape
The broader landscape of Web3 funding is witnessing fluctuations, with a recent dip in overall funding. However, one notable trend is the increasing investment in metaverse-related initiatives. In 2023, metaverse investments experienced a 44% rise compared to 27% in 2022, indicating a growing interest in virtual spaces and digital experiences.
While some entities have scaled back their Web3 funding expectations, opting for diversification into AI investments, others remain committed to supporting emerging Web3 and AI startups with a focus on profitability and long-term sustainability. For instance, SBI’s recent $600 million fund is aimed at investing in both Web3 and AI startups, emphasizing the importance of building sustainable and profitable ventures in these technology sectors.
In conclusion, LINE NEXT’s successful $140 million funding round, led by Crescendo Equity Partners, marks a significant milestone in the company’s journey into the Web3 ecosystem. With plans to launch the DOSI NFT marketplace, introduce a social app for AI characters, and offer Web3 games, LINE NEXT is poised to play a prominent role in shaping the future of digital experiences and interactions in the Web3 era. This funding underscores the growing interest in Web3 technologies, even amid shifts in the broader investment landscape.
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