Line Next, an offshoot of the South Korean 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 financial injection is poised to propel the growth of Line Next’s nonfungible token (NFT) ecosystem and facilitate the launch of the global NFT marketplace DOSI in January 2024.
DOSI aims to integrate with Line’s existing Japan-based NFT marketplace and will be accessible as a mobile app worldwide. The Finschia public blockchain will underpin Line’s NFT marketplace, with Line Next and Crescendo assuming governance roles within the Finschia Foundation.
In addition to launching DOSI, Line Next plans to introduce innovative Web3-focused services using a portion of the raised funds. This includes a social app featuring AI-generated characters and Web3 games, expanding Line Next’s reach beyond its current 5.5 million users worldwide.
Shane Mac, co-founder of XMTP, an open protocol for secure Web3 messaging, emphasized the transformative potential of Web3 messaging platforms. Mac highlighted the unique identity framework in Web3, where wealth and personality are linked to wallet addresses. He sees Web3 messaging as a crucial step in empowering users with control over their online interactions and information.
The $140 million funding infusion positions Line Next to play a significant role in the evolving landscape of Web3 initiatives, paving the way for innovative services and a globally accessible NFT marketplace.
