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Line Next, a venture dedicated to the growth of the nonfungible token (NFT) ecosystem, has raised $140 million in funding. The venture is a spin-off of the popular messaging app Line, and it aims to explore Web3 initiatives. The funding round was led by Crescendo Equity Partners, a private equity firm backed by Peter Thiel.
Line Next plans to launch a global NFT marketplace called DOSI in early 2024. The marketplace will integrate with Line’s existing Japan-based NFT marketplace, Line NFT, and will be available as a mobile app worldwide. In addition to the marketplace, Line Next will introduce new Web3-focused services, including a social app that allows users to deploy AI-generated characters and Web3 games.
The company will use the funding to develop these services and also become a governance member of the Finschia Foundation, using the Finschia public blockchain for its NFT marketplace. Currently, Line Next has 5.5 million users worldwide.
In a recent podcast, Shane Mac, co-founder of XMTP, highlighted the opportunity in rebuilding Web2 messaging platforms for Web3. He explained that Web3 offers a new form of identity where people’s wealth and personality are tied to wallet addresses but they cannot communicate with each other. Web3 messaging allows users to verify messages with wallet signatures, giving them full control over their information and interactions on the internet.