Line Next, the NFT-focused arm of the popular South Korean messenger app Line, has secured an impressive $140 million in funding, paving the way for the launch of its global NFT marketplace, DOSI, scheduled for January 2024.
This substantial financial injection marks a significant milestone for Line Next, originally an offshoot of Line, and now a leader in exploring and expanding Web3 initiatives. The upcoming DOSI marketplace aims to be a comprehensive hub, integrating with Line’s existing Japan-based NFT marketplace, Line NFT.
Crescendo Equity Partners, a private equity firm backed by renowned investor Peter Thiel, spearheads this funding round, emphasizing Line Next’s strategic shift towards cutting-edge ventures.
In addition to the marketplace, Line Next plans to allocate a significant portion of the $140 million fund to develop innovative Web3-centric services. Notable among these is a social app utilizing artificial intelligence (AI) to generate unique characters and cutting-edge Web3 games.
Line’s NFT marketplace will be built on Finschia, a public blockchain, with Line Next and Crescendo Equity Partners joining the governance members of the Finschia Foundation. Currently boasting a global user base of 5.5 million, Line Next anticipates significant growth with these developments.
In a parallel move, the TON blockchain by Telegram recently introduced on-chain encrypted messaging, reflecting a broader trend of integrating messaging and blockchain technologies.
As Line Next prepares to launch its global NFT marketplace, the tech industry closely watches. The successful funding round not only signals the rising interest in NFTs but also ushers in a new era of digital communication and interaction. With these advancements, Line Next, alongside TON, stands poised to redefine the landscape of online messaging and digital asset management.
