Today, popular NFT firm, LINE NEXT has gathered $140 million worth of investment to push the advancement of web3. The company which is the NFT arm of leading South Korean messaging heavyweight, LINE made the disclosure today via an official blog post. As revealed, a host of high-profile investors participated in the fundraising effort.
Furthermore, the announcement established how Crescendo Equity Partners, a private equity firm supported by Peter Thiel led the investment round. With the support of the Investment, LINE aims to officially launch its international NFT outlet, DOSI by the first quarter of 2024. Additionally, the firm revealed that users around the globe will enjoy access to the NFT platform through a mobile application.
Consequently, LINE will leverage the funds to push DOSI to the International audience after it enjoyed huge acceptance from users in Korea, Japan, Thailand, Taiwan, Indonesia, Vietnam, and India during its beta service. Now, the official launching of the initiative will focus on popularizing the web3 ecosystem.
Recall that in September 2022, LINE inaugurated the beta service of DOSI. The launching of the initiative came less than a year after the company ventured into the web3 space with the unveiling of LINE NEXT. Ever since the communication company has strengthened its position in the industry with the launching of numerous projects.
How LINE NEXT is Aiming to Establish its Web3 Presence
In recent times, the web3 sector has been one of the most sought-after industries. This is due to the fast-growing stature of the sector which has attracted a host of investors within and beyond the blockchain landscape. At the moment, firms like Animoca Brands and Binance have established themselves as market leaders in the web3 sector.
On the flip side, LINE is attempting to find its way into the industry. More So, the $140 million financial injection into the firm will go a long way in helping it actualize its pursuit. Likewise, LINE NEXT intends to allow brands to offer ownership of virtual products and make them tradeable. Part of the company’s plan includes the integration of web3 games that will feature its popular character, Brown and Friends.
Similarly, the CEO of LINE NEXT, Youngsu Ko, weighed his opinion on some of the company’s plans. Youngsu Ko disclosed that the firm will focus on popularizing web3 and designing a new service ecosystem. This service ecosystem according to the CEO will provide users the opportunity to claim the value of their virtual collectibles.