Line Next, South Korea’s renowned messenger app’s non-fungible token (NFT) branch, has recently raised $140 million. As per the press release, the funding will provide financial assistance to the company in launching the global NFT marketplace. Moreover, the company will present DOSI in January 2024, a digital marketplace for trading a wide range of products.
Line Next Funding Round and Further Plans
In a recent development, Line Next has secured $140 million in funding. In addition to that, this marks an achievement for the company as it steps into the global Web3 domain. Also, they will present a global marketplace, DOSI, which is going to be an inclusive hub for all.
Furthermore, the new platform will blend in with Line’s current Japan-based NFT marketplace, Line NFT. Given that, Crescendo Equity Partners, which is a private equity firm, is leading this new venture. Also, reputed investors such as Peter Thiel are supporting the project.
Additionally, Line Next will use a part of the $140 million funding for developing Web3-based services. They wish to integrate artificial intelligence into the social app to create exclusive characters. In addition, the communication company wants to highlight the latest advancements with Web3 games on their platform.
Subsequently, a public blockchain called Finschia will help Line’s NFT marketplace. Not to mention, with this collaboration, Line and Crescendo Equity Partners will join the Finschia Foundation’s governance members. Besides, Line has a 5.5 million user base, which is expected to grow with the new venture.
The future with Line Messenger App
With the new developments, Messenger apps are gaining a huge user base. Apart from that, these apps have stepped into the Web3 domain and various other companies are also introducing new features. What’s more, this is becoming the new trend for social apps and also for digital asset management.
Recently, Telegram has also introduced an on-chain encrypted messaging feature with the TON blockchain. The feature is a blend of blockchain technologies and messaging. Now, with the upcoming release of Line Next NFT Marketplace, there is much to see. There is going to be a new era of digital communication integrated with the Web3 domain and NFTs.