- Line Next, the NFT arm of Line, secures $140 million in funding for its global NFT marketplace, DOSI.
- Funding led by Crescendo Equity Partners, backed by Peter Thiel, showcases strong support for Line Next’s Web3 initiatives.
- DOSI integrates with Line’s existing Japan-based NFT marketplace, offering a comprehensive mobile app for worldwide NFT trading.
Line Next, the NFT arm of the popular messaging app Line, has secured $140 million in funding as it gears up to launch a global NFT marketplace, DOSI, in January 2024. The funding round was led by Crescendo Equity Partners, a private equity firm backed by Peter Thiel. Line Next, dedicated to exploring Web3 initiatives, is poised to make waves in the NFT ecosystem with this substantial backing.
DOSI, Line Next’s forthcoming global NFT marketplace, is set to integrate with Line’s existing Japan-based NFT marketplace, known as Line NFT. This integration will offer users an extensive and seamless NFT trading experience, all accessible through a mobile app that will be available worldwide.
However, the ambitions of Line Next extend beyond just the NFT marketplace. Part of the $140 million fund will be allocated to the development of new Web3-focused services. Among these is a social app that enables users to interact with AI-generated characters, adding a unique twist to the social media landscape. Additionally, Web3 games will be part of Line Next’s repertoire, aiming to harness the power of blockchain technology for gaming enthusiasts.
One notable aspect of Line’s NFT marketplace is its choice of blockchain technology. It will be built on the Finschia public blockchain, solidifying Line Next and Crescendo’s role as governance members of the Finschia Foundation. This strategic move positions Line Next to leverage the benefits of blockchain technology effectively.
Shane Mac, co-founder of XMTP, emphasized the significance of Web3 messaging in a recent podcast, highlighting its potential to offer users greater control over their online interactions. Web3 messaging, he explained, represents a shift toward a new form of identity, where individuals have their wealth and personalities tied to wallet addresses. This innovative approach enhances security and trust in online communication.
Line Next’s successful funding round and its upcoming NFT marketplace launch mark a significant development in the Web3 landscape. With a focus on AI-powered social apps and Web3 games, Line Next is poised to make waves in the NFT ecosystem and beyond. Utilizing blockchain technology further underscores the commitment to innovative solutions for the digital age.