The popular messaging application LINE has raised $140 million in funding for the growth and development of its NFT platform, LINE NEXT.
The NFT venture of LINE aims to expand into a global market by developing new services and applications in the Web3 ecosystem.
The funding round is this year’s biggest venture deal into the Asian web3 industry, which was led by Peter Thiel’s private equity firm, Crescendo Equity Partners.
According to the official release, LINE NEXT is first planning to launch a NFT marketplace called DOSI in January 2024, which will be integrated with the company’s existing Japan-based NFT platform.
Additionally, LINE NEXT will build newer solutions to serve clients and brands by giving them direct ownership of existing digital products.
“It is significant that we were able to secure this funding in the context of a globally contracting investment environment,” said Youngsu Ko, CEO of LINE NEXT. “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.”
LINE NEXT’s NFT platform DOSI is currently in beta, but it has gained significant traction with 5.5 million users worldwide and more than 470,000 cumulative transactions in one year.
The funding will help the company introduce new services to accelerate the Web3 ecosystem further.
“These include introducing a social app that allows users to communicate based on the characters they made utilizing AI technology and launching new Web3 games utilizing BROWN & FRIENDS characters that anyone can enjoy,” said the company.
LINE NEXT will develop its products and solutions on Finschia, a public blockchain network that will be joined and governed by LINE and Crescendo.
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