LINE NEXT Secures $140M Investment Led by Crescendo to Propel Web3 Expansion

LINE NEXT, the NFT arm of the social media behemoth Line, has confirmed a game-changing stride in the digital landscape. Marking a significant milestone, LINE NEXT proudly announced a staggering $140 million investment infusion led by the consortium spearheaded by Crescendo. This infusion aims to galvanize the expansion of the Web3 ecosystem, catapulting Line Next into an avant-garde position within the Asian blockchain landscape.

The cornerstone of this transformative investment is set to actualize in January 2024 with the official launch of DOSI, LINE NEXT’s highly anticipated global NFT platform. DOSI will serve as a robust digital marketplace, fostering the exchange of a diverse spectrum of digital products. Seamlessly integrating with Japan’s revered NFT marketplace, LINE NFT, DOSI will be accessible worldwide through a user-friendly mobile application. Notably, LINE NEXT endeavors to facilitate an effortless transition for services and brands by empowering them to confer direct ownership of existing digital products, effectively streamlining the integration of Web3 into their offerings.

The ambit of LINE NEXT’s plans extends far beyond the NFT realm, venturing into the realms of AI-infused social applications and captivating Web3 games. These initiatives promise to harness the potential of AI technology for character-based communication within the social app while introducing engaging Web3 games featuring beloved BROWN & FRIENDS characters for a universal audience.

Underpinning these ambitious endeavors is LINE NEXT’s strategic decision to leverage the public blockchain Finschia as the foundational infrastructure. Moreover, the collaboration between LINE NEXT and Crescendo as governance members in the Finschia Foundation signifies a collective commitment to fortify and expand the burgeoning ecosystem.

Crescendo’s involvement, led by the expertise and vision of Kevin Lee, the managing partner, reflects a bullish outlook on Line’s global competitiveness and its visionary leadership in the Web3 domain. Lee iterated, “We hope to build a standard for Web3 apps that general users can easily use and adopt blockchain to all sorts of services and brands of Web2.”

Youngsu Ko, CEO of LINE NEXT, underscored the significance of securing such a substantial funding in a contracting global investment climate. Ko emphasized the pivotal role this investment would play in democratizing Web3 and fostering an ecosystem where users truly own the value of their digital assets.

LINE NEXT’s ascent in the Web3 realm has been nothing short of meteoric, boasting a user base of 5.5 million users worldwide and facilitating over 470,000 cumulative transactions. This remarkable growth, achieved within just a year since the beta service’s inception, underscores LINE NEXT’s pivotal role in spearheading the global adoption of Web3 technologies.

With LINE NEXT poised to unveil DOSI and chart new frontiers in AI-based social applications and immersive Web3 gaming experiences, the investment-led expansion seems poised to redefine the digital landscape, democratizing ownership and revolutionizing the way we interact with digital assets in the years to come.

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