Line Subsequent, the NFT subsidiary of Japanese messaging large Line, has raised $140 million in a funding spherical led by personal fairness agency Crescendo Fairness Companions. The funding marks the most important backing for an Asian blockchain firm this yr, the corporate claims.
The agency plans to make use of the contemporary capital injection to develop its world NFT enterprise and introduce new providers to advertise wider Web3 adoption. First on the agenda is the official launch of Dosi, Line Subsequent’s world NFT market, in January 2024.
Built-in with Line’s current NFT platform in Japan, Dosi might be provided as a cellular app that allows world buying and selling of digital belongings.
Line Subsequent—which is predicated in South Korea but additionally has workplaces within the U.S. and Japan—can be growing a social app powered by AI avatars, in addition to blockchain video games using Line’s fashionable Brown & Buddies characters from the Line Buddies IP. The corporate additionally operates the Sport Dosi platform, which hosts various NFT video games.
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In April, Line Buddies IP proprietor IPX introduced a collaboration with fashionable Ethereum NFT undertaking Azuki that can yield issues like merchandise, content material, and occasions.
Line’s new providers might be constructed on the blockchain community Finschia, which was beforehand known as Line Blockchain (and initially the Hyperlink Chain). Finschia’s native cryptocurrency is LINK. Line Subsequent and the Peter Thiel-backed Crescendo will be part of the Finschia Basis to contribute to increasing the blockchain’s ecosystem.
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“Line’s world competitiveness and its imaginative and prescient to steer Web3 providers had been the funding thesis,” stated Crescendo Managing Associate Kevin Lee. “We hope to construct a regular for Web3 apps that common customers can simply use and undertake blockchain to all kinds of providers and types of Web2.”
Editor’s word: This text was written with the help of AI. Edited and fact-checked by Andrew Hayward.
