- Line’s web3 arm LineNext raised $140M to expand NFT marketplace and blockchain platform globally.
- Despite crypto winter, Line sees NFTs becoming a standard for digital goods with bullish plans.
- Leveraging Line’s infrastructure, LineNext makes web3 mainstream via fast, affordable digital collectibles.
LineNext raises $140M
LineNext, the web3 subsidiary of popular messaging platform Line, has raised $140 million to scale its NFT and blockchain services worldwide.
South Korean private equity firm Crescendo Equity Partners led the funding.
It comes a year after LineNext launched a beta NFT marketplace called DOSI.
The plans
LineNext plans to take DOSI out of beta in January 2023 with an official launch, including mobile apps, web3 games, digital collectibles, and more.
Beyond NFT trading, DOSI will offer web2 brands tools to transition into web3 by issuing digital assets that users can own and trade.
LineNext will also debut a new social metaverse app powered by AI avatars.
Still bullish on NFTs
Despite crypto winter, LineNext sees a bright future for NFT adoption. “We believe that NFTs will become a new standard for valuable digital goods,” said an executive. The beta attracted 5.5 million users.
Under the hood, LineNext leverages Line’s global messaging infrastructure and its own Finschia blockchain. Transaction speeds are 400x faster than Ethereum, with 98% lower fees.
With strong technical foundations and Line’s built-in user base, LineNext aims to make web3 mainstream through an easy-to-use consumer platform for digital assets.
LineNext to expand NFT marketplace and web3 platform globally
