LineNext, the web3 unit of Japanese messaging app Line, has raised $140 million in funding led by Crescendo Fairness Companions, a Peter Thiel-backed non-public fairness agency in South Korea, to develop its web3 platform.
The brand new funding comes almost a 12 months after LineNext launched its browser-only beta service – a consumer-to-consumer (C2C) market operating on its DOSI non-fungible token (NFT) platform. In DOSI’s earlier beta, LineNext centered on “gauging the potential for varied Net 3 providers, comparable to NFT platforms, avatar options, video games and leisure,” Woosuk Kim, LineNext’s chief enterprise officer, informed fromcrypto.
The corporate plans to make use of the brand new capital to launch its official NFT platform DOSI and web3 providers in January subsequent 12 months. These embrace the launch of the DOSI cell app, which shall be obtainable to world customers, and the combination of video games and greater than 100 LINE NFT companions in Japan into the DOSI platform. As well as, it is going to provide a brand new growth device to assist Net 2 manufacturers rework into Net 3 digital merchandise and provides customers the possession to commerce their merchandise instantly on DOSI. LineNext may also launch a brand new social app that can enable customers to work together by AI avatars and launch new Web3 video games that includes Brown and Line’s buddies.
“For the complete launch in January, we’re increasing the providers we provide, including digital model membership merchandise, and increasing content material, occasion tickets and video games,” Kim informed fromcrypto. “We additionally plan so as to add main worldwide cell fee choices past Naver Pay and LINE Pay.”
LineNext needs to “popularize” web3 for everybody, Kim continued. “We goal all customers who personal or wish to personal helpful digital merchandise, together with app customers, players, shoppers and leisure customers.”
When requested concerning the decline within the NFT market a attainable restoration after the NFT growth in 2021 and 2022, the corporate “believes that NFTs will turn out to be the brand new normal for helpful digital items,” Kim mentioned, including that “within the early levels of the NFT market, there have been many speculative merchandise available on the market. business… and our aim is to construct and develop that market (once more).
In the course of the product’s beta interval, the corporate amassed 5.5 million customers worldwide who made greater than 470,000 cumulative transactions. Based in 2021, Line Subsequent generates income by charging platform charges to customers, the corporate mentioned, including that it’ll create further income fashions within the means of publishing, distributing and buying and selling digital merchandise.
One of many issues that units LineNext aside from its rivals is its world infrastructure and know-how primarily based on its world providers, Kim famous. And LineNext will present its providers on its public blockchain mainnetFinschiawhich is 400x sooner transaction velocity and 98% decrease community utilization payment than Ethereum.
LineNext Korea manages the Net 3 buying and selling technique, whereas Line Subsequent US runs the NFT buying and selling platform.
It raised Line Subsequent final 12 months A strategic funding of $10 million from ten firms comparable to SoftBank Company, Naver, Naver Webtoon, Naver Z, Line Video games, CJ ENM, YG Plus, Hashed, Shinsegae, and Okay Public sale. LineNext is 100% owned Firm LY, the merger of SoftBank Group’s Z Holdings and 4 subsidiaries, together with Line Company and Yahoo! Japan.