Line Subsequent, a web3 unit of the Japanese messaging app Line, raised $140 million in its funding led by Crescendo Fairness Companions, a Peter Thiel-backed non-public fairness agency in South Korea, to broaden its web3 platform.
The brand new funding comes practically a yr after Line Subsequent released its browser-only beta service — a consumer-to-consumer(C2C) marketplace launched on its non-fungible token (NFT) platform DOSI. With the earlier DOSI beta, Line Subsequent centered on “gauging the potential for numerous web3 companies, reminiscent of NFT platforms, avatar options, video games and leisure,” Woosuk Kim, enterprise director of Line Subsequent, instructed TechCrunch.
The corporate plans to make use of the brand new capital to launch its official NFT platform DOSI and web3 companies in January subsequent yr. These embrace the DOSI’s cell app launch, which might 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 can supply a brand new growth device to assist Net 2 manufacturers remodel into web3 digital merchandise and provides customers possession to commerce their merchandise straight on DOSI. Line Subsequent can even 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 Buddies.
“For the complete launch in January, we’re rising the companies we provide, including digital merchandise for model memberships, and increasing content material, occasion tickets and video games,” Kim instructed TechCrunch. “We additionally plan on including main, worldwide cell cost choices past Naver Pay and LINE Pay.”
Line Subsequent needs to “popularize” web3 for all, Kim continued. “We goal all customers who personal or wish to personal worthwhile digital merchandise, together with app customers, avid gamers, shoppers and customers who get pleasure from leisure.”
When requested in regards to the NFT market’s downturn and possible resurgence after the NFT increase in 2021 and 2022, the corporate “believes that NFTs will grow to be a brand new customary for worthwhile digital items,” Kim stated, including that, “Within the early phases of the NFT market, there have been quite a lot of speculative merchandise within the trade… and we’re aiming to construct and broaden that market [again].”
Picture Credit: Line Subsequent’s DOSI
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 stated, including that it’ll create extra income fashions within the strategy of issuing, distributing and buying and selling digital merchandise.
One of many issues that units Line Subsequent aside from its opponents is its world infrastructure and know-how based mostly on its world companies, Kim famous. And, Line Subsequent will present its companies on its public blockchain mainnet, Finschia, which is 400x faster in transaction speed and 98% lower in network usage fee than Ethereum.
Line Subsequent Korea manages web3 enterprise technique, whereas Line Subsequent U.S. operates the NFT platform enterprise.
Final yr, Line Subsequent raised $10 million in strategic investment from ten companies reminiscent of SoftBank Company, Naver, Naver Webtoon, Naver Z, Line Video games, CJ ENM, YG Plus, Hashed, Shinsegae and Okay Public sale. Line Subsequent is 100% owned by LY Corporation, a merger of SoftBank Group’s Z Holdings and 4 subsidiaries, together with Line Company and Yahoo! Japan.
