LineNext, a web3 unit of the Japanese messaging app Line, raised $140 million in its funding led by Crescendo Fairness Companions, a Peter Thiel-backed personal fairness agency in South Korea, to broaden its web3 platform.
The brand new funding comes almost a yr after LineNext launched its browser-only beta service — consumer-to-consumer(C2C) market launched on its non-fungible token (NFT) platform DOSI. To date, LineNext has targeted on “gauging the potential for various Web 3 services, such as NFT platforms, avatar features, games and entertainment,” Woosuk Kim, enterprise director of LineNext, advised TechCrunch.
With the brand new funding, the corporate plans to launch its official NFT platform DOSI and web3 providers in January subsequent yr. These embrace the DOSI’s cellular app launch, which shall be obtainable to world customers, and the mixing of video games and greater than 100 companions of LINE NFT in Japan into the DOSI platform. As well as, it’s going to supply a brand new improvement instrument to assist Internet 2 manufacturers remodel into Internet 3 digital merchandise and provides customers possession to commerce their merchandise straight on DOSI.
“For the full launch in January, we are increasing the services we offer, adding digital products for brand memberships, and expanding content, event tickets and games,” Kim advised TechCrunch. “We also plan on adding major, international mobile payment options beyond Naver Pay and LINE Pay.”
The corporate says it’s going to additionally launch a brand new social app permitting customers to speak by way of AI avatars and launch new Web3 video games using Line’s character Brown and Pals.
LineNext desires to “popularize” web3 for all, Kim continued. “We target all users who own or want to own valuable digital products, including app users, gamers, consumers and users who enjoy entertainment.”
When requested concerning the NFT market’s downturn and doable resurgence after the NFT growth in 2021 and 2022, the corporate “believes that NFTs will become a new standard for valuable digital goods,” Kim mentioned, including that “In the early stages of the NFT market, there were a lot of speculative products in the industry… and we are aiming to build and expand that market [again].”
Throughout its beta product interval, the corporate has amassed 5.5 million customers globally, making greater than 470,000 cumulative transactions. Line Subsequent, based in 2021, generates income by charging platform charges from customers, the corporate mentioned, including that it’s going to create further income fashions within the technique of issuing, distributing and buying and selling digital merchandise.
One of many issues that units LineNext aside from its rivals is its world infrastructure and know-how based mostly on its world providers, Kim famous. And, LineNext will present its providers on its public blockchain mainnet, Finschia, which is 400x quicker in transaction pace and 98% decrease in community utilization charge than Ethereum.
LineNext Korea manages Internet 3 enterprise technique, whereas Line Subsequent U.S. operates the NFT platform enterprise.
Final yr, Line Subsequent raised $10 million in strategic funding from ten firms corresponding to SoftBank Company, Naver, Naver Webtoon, Naver Z, Line Video games, CJ ENM, YG Plus, Hashed, Shinsegae and Ok Public sale. LineNext is 100% owned by LY Company, a merger of SoftBank Group’s Z Holdings and 4 subsidiaries, together with Line Company and Yahoo! Japan.