Line Next Raises $140M for Global NFT Marketplace Launch in 2024
Summary:
Line Next, a company dedicated to augmenting the nonfungible token (NFT) ecosystem, has raised $140 million. The fund will be used to launch a global NFT marketplace, dubbed DOSI, in 2024 and to introduce new Web3 services. Line Next, a branch of popular South Korean messaging app Line, aims at global accessibility through a mobile app. The NFT marketplace will utilize the Finschia public blockchain, and both Line Next and the funding leader Crescendo Equity Partners will serve as governance members of the Finschia Foundation.
Line Next, the company focused on developing the nonfungible token (NFT) ecosystem, has gathered $140 million in funding, gearing up to introduce a global NFT marketplace by January 2024. Originating from Line, a South Korean WhatsApp-like app, Line Next is committed to promoting Web3 strategies. The recent financial boost was orchestrated by Crescendo Equity Partners, a private equity firm supported by Peter Thiel. According to the press release, the forthcoming global NFT marketplace, named DOSI, is set to go live in early 2024, following its integration with Line's existing Japan-centric NFT marketplace, Line NFT. The fresh NFT platform will be rolled out in the form of a mobile app, to reach audiences worldwide. A portion of the $140 million fund will be directed towards introducing innovative Web3-centric services, encompassing an app that allows users to create AI-created characters and Web3 games. The NFT marketplace powered by Line will utilize the Finschia public blockchain and both Line Next and Crescendo will join the board of Finschia Foundation. As per the metrics, Line Next currently extends its services to 5.5 million users globally. A co-founder of XMTP, opinioned during a recent podcast by Cointelegraph about the immense potential in redesigning Web2 messaging platforms for Web3. He cited that Web3 proposes a new form of digitized identity, binding wealth and personality to wallet addresses, but lacks communicative means, thereby underlining an unique innovation. In addition to praising the unique attributes of Web3 messaging, he advocated the invaluable role of Web3 messaging in guaranteeing ownership over personal data and web interaction. Crypto regulations in the US are reportedly driven by fear and distrust, according to a periodical.
Published At
12/13/2023 11:33:02 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.