Line Next, a committed initiative propelling the growth of the Web3-integrated nonfungible token (NFT) ecosystem, has attained a noteworthy milestone with the acquisition of a substantial $140 million in funding. Additionally, the undertaking is positioned to introduce a range of innovative Web3 services, extending the influence of Line Messenger.
Notably, this success positions Line Next as a key player in the NFT space as it prepares to launch a global marketplace in January 2024.
Furthermore, originating as an offshoot from Line, a popular messaging app akin to WhatsApp in South Korea, Line Next focuses on exploring Web3 initiatives. However, the significant funding round, led by the Peter Thiel-backed private equity firm Crescendo Equity Partners, positions Line Next for substantial growth.
DOSI: Line Next’s NFT Marketplace with Innovations and Web3 Services Expansion
The global NFT marketplace, known as DOSI, is poised to debut in early 2024. This follows seamless integration with Line’s existing Japan-based NFT marketplace, Line NFT. This new marketplace, accessible worldwide as a mobile app, is a key component of Line Next’s strategic vision.
Allocating a portion of the $140 million fund, Line Next plans to introduce innovative Web3-centric services. Among them is a social application enabling users to deploy AI-generated characters and engaging Web3 games.
Line’s NFT marketplace will leverage the Finschia public blockchain. Moreover, Line Next and Crescendo are poised to assume governance roles within the Finschia Foundation. Currently boasting a user base of 5.5 million worldwide, Line Next is positioned as a noteworthy player in the evolving Web3 landscape.
In a recent podcast by Cointelegraph, Shane Mac, co-founder of XMTP, discussed a compelling prospect related to Web3. XMTP is an open protocol and network that facilitates secure Web3 messaging.
Web3 Messaging Evolution and Line Next’s Pioneering Role in NFT Ecosystem Advancement
Mac specifically brought attention to the possibility of transforming Web2 messaging platforms according to Web3 principles. He underscored the distinctive characteristics of Web3 messaging, emphasizing its pivotal role in granting users full control over their information and online interactions.
Notably, Mac detailed the novel identity paradigm in Web3, where individuals link wealth and personality to wallet addresses. However, communication between users is restricted, necessitating verification through wallet signatures—an innovative approach ensuring ownership validation.
In summary, Line Next has received a substantial funding infusion. However, its strategic initiatives emphasize a strong commitment to advancing the NFT ecosystem. Moreover, the company is also pioneering innovative Web3 services, marking a notable development in the rapidly evolving digital landscape.