LineNext, a web3 unit of the Japanese messaging app Line, raised $140 million in its 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 launched on its non-fungible token (NFT) platform DOSI. With the earlier DOSI beta, LineNext targeted on “gauging the potential for numerous Net 3 companies, similar to NFT platforms, avatar options, video games and leisure,” Woosuk Kim, enterprise director of LineNext, instructed crypto-news.
The corporate plans to make use of the brand new capital to launch its official NFT platform DOSI and web3 companies in January subsequent 12 months. These embody the DOSI’s cell app launch, which will likely be out there to world customers, and the mixing of video games and greater than 100 companions of LINE NFT in Japan into the DOSI platform. As well as, it is going to supply a brand new growth instrument to assist Net 2 manufacturers rework into Net 3 digital merchandise and provides customers possession to commerce their merchandise straight on DOSI.
“For the complete launch in January, we’re rising the companies we provide, including digital merchandise for model memberships, and increasing content material, occasion tickets and video games,” Kim instructed crypto-news. “We additionally plan on including main, worldwide cell cost choices past Naver Pay and LINE Pay.”
The corporate says it is going to additionally launch a brand new social app permitting customers to speak through AI avatars and launch new Web3 video games using Line’s character Brown and Buddies.
LineNext needs to “popularize” web3 for all, Kim continued. “We goal all customers who personal or need to personal useful digital merchandise, together with app customers, players, shoppers and customers who take pleasure in leisure.”
When requested in regards to the NFT market’s downturn and attainable resurgence after the NFT growth in 2021 and 2022, the corporate “believes that NFTs will develop into a brand new customary for useful digital items,” Kim mentioned, including that “Within the early levels of the NFT market, there have been a variety of speculative merchandise within the trade… and we’re aiming to construct and develop that market [again].”
Picture Credit: LineNext
Throughout its beta product interval, the corporate has amassed 5.5 million customers globally, making greater than 470,000 cumulative transactions. Line Subsequent, based in 2021, generates income by charging platform charges from customers, the corporate mentioned, including that it’s going to create extra income fashions within the technique of issuing, distributing and buying and selling digital merchandise.
One of many issues that units LineNext other than its rivals is its world infrastructure and know-how based mostly on its world companies, Kim famous. And, LineNext will present its companies on its public blockchain mainnet, Finschia, which is 400x quicker in transaction velocity and 98% decrease in community utilization price than Ethereum.
LineNext Korea manages Net 3 enterprise technique, whereas Line Subsequent U.S. operates the NFT platform enterprise.
Final 12 months, Line Subsequent raised $10 million in strategic funding from ten corporations similar to SoftBank Company, Naver, Naver Webtoon, Naver Z, Line Video games, CJ ENM, YG Plus, Hashed, Shinsegae and Ok Public sale. LineNext is 100% owned by LY Company, a merger of SoftBank Group’s Z Holdings and 4 subsidiaries, together with Line Company and Yahoo! Japan.
