Line Next, a division dedicated to fostering the growth of the nonfungible token (NFT) ecosystem, has secured a substantial $140 million in funding, gearing up for the launch of a global NFT marketplace slated for January 2024.
Originating from Line, a prominent South Korean messaging app akin to WhatsApp, Line Next is delving into Web3 initiatives. Crescendo Equity Partners, a private equity firm backed by Peter Thiel, spearheaded the $140 million funding drive.
As disclosed, Line Next’s upcoming global NFT marketplace, DOSI, is set to debut in early 2024, consolidating with Line’s existing Japan-based NFT marketplace, Line NFT. This fresh marketplace will arrive as a mobile app, extending its accessibility worldwide.
A chunk of the $140 million investment will fuel the introduction of novel Web3-centric services. Among these offerings is a social app enabling users to deploy AI-generated characters and delve into Web3-based gaming experiences.
Line’s NFT marketplace will operate on the Finschia public blockchain, with Line Next and Crescendo taking on governance roles within the Finschia Foundation. Presently, Line Next serves a user base of 5.5 million across the globe.
Shane Mac, co-founder of XMTP—an open protocol and network for secure Web3 messaging—highlighted a significant opportunity in revamping Web2 messaging platforms for Web3.
Mac expounded on how Web3 redefines identity, linking wealth and persona to wallet addresses, yet limiting direct communication between individuals:
“The ability to verify a message using the wallet signature that also proves ownership felt like a monumental leap in innovation.”
While accentuating the distinctive attributes of Web3 messaging, Mac underscored its pivotal role in granting users absolute control over their information and internet interactions.