Line, the Asian messaging giant based in South Korea, has decided to foray into the Web3 waters. It has created a special venture called Line Next Corporation that will be dedicated to expanding the NFT ecosystem. In a recent development, the Line Next Corporation has raised an investment of $140 million (roughly Rs. 1,165 crore) and the round was led by private equity firm Crescendo Equity Partners. With this funding, Line Next is looking to launch a global NFT platform in the near future.
In January 2024, Line Next plans to officially launch its global NFT platform named Dosi. This platform will let users engage in trading digital assets and products. Line Next plans to launch Dosi as a mobile app and provide new solutions to help brands give ownerships of digital assets and trade them. This will help users and brands linked to the Line Next platform integrate Web3 elements with their identities.
“It is significant that we were able to secure this funding in the context of a globally contracting 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,” Youngsu Ko, CEO of Line Next said in an official statement.
Dosi will use Finschia public blockchain. Line Next and Crescendo will become governance 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. Its NFT initiative could hence open the digital assets sector for experimentation to the masses.
The South Korean messaging giant’s pivot towards Web3 does not quite come as a surprise, given that the country is trying to keep a progressive approach towards the digital assets sector.
Last year, Seoul-based SK Telecom has decided to create and operate a crypto wallet, powered by advanced Web3 capabilities in partnership with two blockchain firms — AhnLab Blockchain Company and Atomrigs Labs — to assist the development of its crypto wallet.
Lim Hyesook, the minister of science, information and communication technologies in South Korea had also announced last year that the nation is planning to invest over $177 million (roughly Rs. 1,372 crore) in supporting metaverse projects that will also trigger job opportunities in the sector.