Line Next Secures $140 Million to Expand Web3 Platform and DOSI Marketplace

Line Next Secures $140 Million in Funding to Expand Web3 Platform

Line Next, the web3 unit of the Japanese messaging app Line, has successfully raised $140 million in a funding round led by Crescendo Equity Partners, a private equity firm backed by Peter Thiel. This significant investment will fuel the expansion of Line Next's web3 platform, including the official launch of its NFT platform, DOSI, and the integration of new services and partners.

Key Highlights of the Funding and Expansion:

Funding Amount: $140 million raised.
Lead Investor: Crescendo Equity Partners.
Purpose of Funding: To expand the web3 platform, launch the official NFT platform DOSI, and introduce new web3 services.

Line Next's Web3 Vision and Services:

Line Next aims to popularize web3 for a broad audience, targeting users interested in digital goods, gaming, and entertainment. The company's strategy involves leveraging Line's existing user base and character IP, such as Brown and Friends, to drive adoption of its web3 services.

DOSI Platform: The official launch of DOSI, an NFT platform, is scheduled for January. This platform will offer a consumer-to-consumer (C2C) marketplace for digital goods.
Mobile App Launch: A global mobile app for DOSI will be released, making web3 services more accessible.
Game and Partner Integration: Over 100 partners from LINE NFT in Japan will be integrated into the DOSI platform, expanding the range of available digital products and services.
Web 2.0 to Web 3.0 Transition: Line Next will provide tools to help Web 2.0 brands transition to web3, enabling users to trade products directly on DOSI.
Social App with AI Avatars: A new social app will be launched, allowing users to communicate via AI avatars, enhancing social interaction within the web3 ecosystem.
New Web3 Games: Games featuring Line's popular characters, Brown and Friends, will be introduced.

Enhancements and Future Plans:

Line Next is committed to enhancing the user experience and expanding its service offerings.

Expanded Services: The platform will include digital products for brand memberships, event tickets, and more games.
Payment Options: Major international mobile payment options will be added, complementing existing options like Naver Pay and LINE Pay.
Blockchain Infrastructure: Line Next will utilize its public blockchain mainnet, Finschia, which boasts significantly faster transaction speeds and lower network usage fees compared to Ethereum.

Market Position and Outlook:

Despite the recent downturn in the NFT market, Line Next believes that NFTs will become a standard for valuable digital goods. The company aims to build and expand the market by focusing on utility and genuine value, moving beyond the speculative products that characterized the early stages of the NFT market.

Beta Performance: During its beta period, Line Next amassed 5.5 million users globally and facilitated over 470,000 cumulative transactions.
Revenue Model: Revenue is generated through platform fees, with plans to introduce additional models related to the issuance, distribution, and trading of digital products.
Global Infrastructure: Line Next's global infrastructure and expertise, built on its existing services, provide a competitive advantage.

Company Structure and Investment History:

Line Next Korea manages the web3 business strategy, while Line Next U.S. operates the NFT platform business. The company has a strong backing, having previously raised $10 million in strategic investment from ten companies, including SoftBank Corporation, Naver, and YG Plus. Line Next is wholly owned by LY Corporation, a merger of Z Holdings and its subsidiaries.

Image Credits:

Line Next's DOSI

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