Line, the Asian messaging giant based in South Korea, has decided to enter Web3 waters. It has created a special purpose venture called Line Next Corporation, which will focus on expanding the NFT ecosystem. In a recent development, the Line Next Corporation has raised an investment of $140 million (approximately Rs. 1,165 crore) and the round was led by private equity firm Crescendo Equity Partners. With this financing, Line Next aims to launch a global NFT platform in the near future.
In January 2024, Line Next plans to officially launch its global NFT platform called Dosi. This platform allows users to trade digital assets and products. Line Next plans to launch Dosi as a mobile app and provide new solutions to help brands own and trade digital assets. This will help users and brands associated with the Line Next platform integrate Web3 elements with their identity.
“It is significant that we have been able to secure this financing in the context of a shrinking global investment environment. We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods,” said Youngsu Ko, CEO of Line Next in an official statement.
Dosi will use Finschia's public blockchain. Line Next and Crescendo become board members of the Finschia Foundation.
Line has clocked 5.5 million users worldwide and more than 470,000 cumulative transactions since its launch in 2011. The NFT initiative could therefore open up the digital asset sector to experimentation for the masses.
The South Korean messaging giant's pivot to Web3 doesn't come as a complete surprise as the country tries to maintain a progressive approach to the digital asset sector.
Last year, Seoul-based SK Telecom decided to create and operate a crypto wallet, powered by advanced Web3 capabilities, in partnership with two blockchain companies – AhnLab Blockchain Company and Atomrigs Labs – to further the development of its crypto wallet to support.
Lim Hyesook, South Korea's minister of science, information and communications technology, had also announced last year that the country plans to invest over $177 million (approximately Rs. 1,372 crore) in supporting metaverse projects that will also create employment in the sector. .