Line Next Secures $140M to Boost Web3 Platform Expansion
Line Next, the web3 unit of the popular Japanese messaging app Line, has secured $140 million in funding. Crescendo Equity Partners, a private equity firm, is leading the investment, propelling Line Next’s web3 platform to new heights. The infusion of funds marks a pivotal moment in the platform’s development and expansion.
Line Next has secured funding for its non-fungible token (NFT) platform, DOSI, following the launch of its browser-only beta service. Woosuk Kim, Line Next’s business director, highlighted the DOSI beta’s significant contribution to understanding the potential of web3 services like NFT platforms, avatar features, games, and entertainment.
Line Next plans to deploy the newly acquired capital to launch DOSI and web3 services in January 2024. These services encompass the mobile app launch for DOSI, global integration of games, and collaboration with over 100 partners of LINE NFT in Japan. Furthermore, Line Next aims to empower Web 2 brands to transition into Web 3 digital products. Woosuk Kim highlighted Line Next’s commitment to enhancing services for a broader audience, stating,
“For the full launch in January, we are increasing the services we offer, adding digital products for brand memberships, and expanding content, event tickets, and games.”
Additionally, Line Next plans to expand its international mobile payment options beyond Naver Pay and LINE Pay.
Web3 for All
Line Next aspires to “popularize” web3 for all users, catering to individuals interested in owning valuable digital products. This includes app users, gamers, and entertainment enthusiasts. The company’s vision involves creating a seamless environment where users own digital goods and trade them directly on the DOSI platform.
Addressing concerns about the NFT market’s volatility, Line Next remains optimistic about the future. The company believes NFTs will establish themselves as a new standard for valuable digital goods. Woosuk Kim emphasized the company’s goal to build and expand the NFT market, distinguishing itself from speculative products that characterized earlier stages.
Line Next’s recent funding success marks a pivotal moment in the evolution of its web3 platform. With ambitious plans for the official launch of DOSI and a comprehensive suite of web3 services, Line Next is positioned to play a significant role in popularizing web3 globally. As the company strives to bridge the gap between Web 2 and Web 3, the future looks promising for Line Next.
