Line messenger’s NFT arm raises $140M for Web3 services

Line Next will use a part of the $140 million fund to introduce new Web3-focused services, which include a social app that uses AI-generated characters and Web3 games.

Line Next, a venture focused on expanding the nonfungible token (NFT) ecosystem, has successfully raised $140 million in preparation for launching a global NFT marketplace named DOSI in January 2024. This venture is an offshoot of the popular South Korean messaging app Line, which is now venturing into Web3 initiatives.

The funding round, led by the Peter Thiel-backed private equity firm Crescendo Equity Partners, marks a significant investment in the burgeoning field of NFTs and digital assets. Line Next’s move into the NFT space reflects the growing interest in integrating traditional digital platforms with emerging Web3 technologies.

DOSI, the upcoming global NFT marketplace, is set to integrate with Line’s existing Japan-based NFT marketplace, Line NFT. This integration aims to create a more expansive and accessible platform for NFT enthusiasts and collectors globally. The marketplace will be launched as a mobile app, making it widely available to users around the world.

In addition to the NFT marketplace, Line Next plans to allocate a portion of the $140 million fund towards developing new Web3-focused services. These services include a social app that allows users to create and interact with AI-generated characters and Web3 games, further blending the lines between digital interaction, gaming, and blockchain technology.

Line’s NFT marketplace will operate on the Finschia public blockchain. Both Line Next and Crescendo Equity Partners will become governance members of the Finschia Foundation, indicating their active involvement and influence in the blockchain’s development and governance.

Currently, Line Next caters to a user base of 5.5 million worldwide, indicating a substantial market presence that could be leveraged in the NFT and Web3 spaces.

The development in Web3 messaging, as discussed by Shane Mac, co-founder of XMTP, in a Cointelegraph podcast, highlights the evolving landscape of digital communication. Web3 messaging, according to Mac, presents a “huge opportunity” in rebuilding Web2 messaging platforms for the Web3 environment. This new form of messaging allows for verification through wallet signatures, linking identity, ownership, and communication in a more integrated and secure manner. Mac emphasizes that Web3 messaging is crucial for ensuring users have complete control over their information and interactions online, marking a significant shift from traditional internet communication platforms.

Line Next’s venture into the NFT and Web3 space, backed by substantial funding and strategic partnerships, is a clear indicator of the growing interest and investment in these technologies. It reflects a broader trend of traditional digital platforms exploring and integrating blockchain and Web3 technologies, reshaping how digital assets and online interactions are managed and experienced.