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Line Next , a web3 unit of the Japanese messaging app Line , raised$140 million in its fundingled by Crescendo Equity Partners , a Peter Thiel - backed secret fairness house in South Korea , to enlarge its web3 program .
The raw financing come nearly a class after Line Nextreleased its web browser app - only genus Beta serve — a consumer - to - consumer(C2C ) market launch on its non - fungible tokenish ( NFT ) platform DOSI . With the previous DOSI beta , Line Next focalise on “ gauge the potential for various web3 services , such as NFT platform , embodiment features , game and entertainment , ” Woosuk Kim , business sector theatre director of Line Next , told TechCrunch .
The company plan to use the new capital to launch its official NFT platform DOSI and web3 services in January next class . These admit the DOSI ’s fluid app launch , which will be available to global users , and the consolidation of game and more than 100 pardner of LINE NFT in Japan into the DOSI political program . In add-on , it will offer a Modern development tool to avail Web 2 brand transform into web3 digital products and give users ownership to trade their products straight on DOSI . Line Next will also release a new societal app allow user to communicate via AI avatars and launch new web3 games utilizing Line ’s grapheme Brown and Friends .
“ For the full launch in January , we are increasing the serving we extend , add digital products for brand name memberships , and expanding cognitive content , consequence tickets and secret plan , ” Kim tell TechCrunch . “ We also project on sum major , international fluid payment options beyond Naver Pay and LINE Pay . ”
credit line Next require to “ generalize ” web3 for all , Kim continued . “ We target all users who own or want to own worthful digital products , including app users , gamers , consumer and substance abuser who enjoy entertainment . ”
When asked about the NFT market ’s downturn andpossible resurgenceafter the NFT boom in 2021 and 2022 , the party “ believes that NFTs will become a new standard for valuable digital goods , ” Kim said , adding that , “ In the former stages of the NFT marketplace , there were a lot of bad products in the manufacture … and we are place to build and lucubrate that market [ again ] . ”
During its beta product period , the company has gather 5.5 million users globally , make more than 470,000 cumulative transactions . Line Next , founded in 2021 , generates tax income by shoot down chopine fees from users , the troupe said , adding that it will make additional revenue models in the process of issuing , stagger and trading digital products .
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One of the thing that sets Line Next apart from its competitors is its worldwide substructure and know - how ground on its spheric services , Kim note . And , Line Next will supply its services on its public blockchain mainnet , Finschia , which is400x faster in dealing speed and 98 % grim in electronic connection employment fee than Ethereum .
Line Next Korea manages web3 commercial enterprise strategy , while Line Next U.S. operate the NFT platform business .
Last year , Line Next raised$10 million in strategic investment from ten companiessuch as SoftBank Corporation , Naver , Naver Webtoon , Naver Z , Line Games , CJ ENM , YG Plus , Hashed , Shinsegae and K Auction . Line Next is 100 % have byLY Corporation , a fusion of SoftBank Group ’s Z Holdings and four subsidiary , including Line Corporation and Yahoo ! Japan .
Line launches NFT marketplace on its program DOSI
