LineNext secures $140M funding for its web3 service

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 non-public fairness agency in South Korea, to increase its web3 platform. 

The brand new funding comes practically a 12 months after LineNext launched its browser-only beta service — consumer-to-consumer(C2C) market launched on its non-fungible token (NFT) platform DOSI. Up to now, LineNext has targeted on “gauging the potential for numerous Internet 3 companies, corresponding to NFT platforms, avatar options, video games and leisure,” Woosuk Kim, enterprise director of LineNext, advised starcrypto.  

With the brand new funding, the corporate plans to launch its official NFT platform DOSI and web3 companies in January subsequent 12 months. These embrace the DOSI’s cellular app launch, which might be out there to international 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 is going to provide a brand new growth instrument to assist Internet 2 manufacturers rework into Internet 3 digital merchandise and provides customers possession to commerce their merchandise instantly on DOSI. 

“For the total 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 advised starcrypto. “We additionally plan on including main, worldwide cellular fee choices past Naver Pay and LINE Pay.” 

The corporate says it is 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 Associates. 

LineNext desires to “popularize” web3 for all, Kim continued. “We goal all customers who personal or wish to personal invaluable digital merchandise, together with app customers, players, shoppers and customers who get pleasure from leisure.” 

When requested in regards to the NFT market’s downturn and doable resurgence after the NFT increase in 2021 and 2022, the corporate “believes that NFTs will change into a brand new customary for invaluable digital items,” Kim stated, including that “Within the early levels of the NFT market, there have been numerous speculative merchandise within the business… and we’re aiming to construct and increase that market [again].” 

Picture Credit: LineNext

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 further income fashions within the strategy of issuing, distributing and buying and selling digital merchandise. 

One of many issues that units LineNext aside from its rivals is its international infrastructure and know-how primarily based on its international companies, Kim famous. And, LineNext will present its companies on its public blockchain mainnet, Finschia, which is 400x quicker in transaction pace and 98% decrease in community utilization payment than Ethereum. 

LineNext Korea manages Internet 3 enterprise technique, whereas Line Subsequent U.S. operates the NFT platform enterprise. 

Final 12 months, 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 Okay 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.