Line Next, the NFT-focused arm of the widely-used South Korean messaging app Line, has successfully raised $140 million in funding. This substantial investment is set to fuel the launch of a new global NFT marketplace, DOSI, in January 2024.
Initiated by Crescendo Equity Partners, a private equity firm backed by Peter Thiel, this funding round supports Line Next’s endeavors in the Web3 domain. The upcoming DOSI marketplace, building upon Line’s current Japan-based Line NFT platform, will be accessible worldwide as a mobile application.
A portion of the newly acquired funds will be allocated to develop fresh Web3 services, including a social application featuring AI-generated characters and Web3-based gaming experiences.
Line Next will operate the NFT marketplace on the Finschia public blockchain, with both Line Next and Crescendo joining as governance members of the Finschia Foundation. Currently, Line Next serves a global user base of 5.5 million.
Shane Mac, co-founder of XMTP — a secure Web3 messaging protocol — recently shared insights about the potential in adapting Web2 messaging for Web3 platforms. He highlighted the innovative aspect of Web3 identities, where wallets not only store assets but also embody personalities. Mac emphasized the innovation in message verification:
To verify a message with the wallet signature that is the same wallet signature that proves you own what you say you own felt like a huge innovation.
Mac also pointed out the significance of Web3 messaging in empowering users with complete control over their data and online interactions, marking a vital advancement in internet communication.