Line Next, a venture focused on fostering the growth of non-fungible tokens (NFTs), has secured $140 million in funding to pave the way for the launch of a global NFT marketplace scheduled for January 2024.
As an offshoot of Line, a prominent messaging app in Korea akin to WhatsApp, Line Next is venturing into Web3 initiatives. The funding round was spearheaded by Crescendo Equity Partners, a private equity firm backed by investor Peter Thiel.
The forthcoming global NFT marketplace, named DOSI, is slated for an early 2024 launch and will amalgamate Line's existing Japanese NFT marketplace, Line NFT. DOSI aims to be available globally as a mobile application.
Part of the $140 million funding will be allocated towards the introduction of fresh Web3-centric services, encompassing a social application enabling users to deploy AI-generated characters and Web3-based games.
Utilizing the Finschia public blockchain, Line's NFT marketplace will see Line Next and Crescendo assume roles as governance members within the Finschia Foundation. Presently, Line Next caters to 5.5 million users across the globe. Shane Mac, co-founder of XMTP—an open protocol and network for secure Web3 messaging—highlighted the considerable potential in reimagining the Web2 messaging platform for Web3.
Mac articulated how Web3 could offer a novel form of identity, enabling individuals to link their wealth and persona to wallet addresses while restricting communication with others. He underscored the innovation in verifying messages through a wallet signature that corroborates asset ownership.
Highlighting the distinctive capacities of Web3 messaging, Mac emphasized its pivotal role in granting users complete control over their data and interactions in the digital realm.
