- LINE NEXT is set to unveil DOSI, its global NFT platform, in January 2024, supported by new investment from a private equity firm backed by Peter Thiel.
LINE NEXT, the NFT subsidiary of the messaging giant LINE based in South Korea, has successfully secured an impressive $140 million in investment with a strategic goal of widespread adoption of the Web3 ecosystem.
This substantial funding round, heralded by LINE as the “largest in the Asian blockchain Web3 industry for the year,” was spearheaded by Crescendo Equity Partners, a private equity firm with backing from the renowned investor Peter Thiel.
Empowered by this significant influx of capital, LINE is gearing up to unveil its global NFT platform, DOSI, in January 2024. The platform will seamlessly integrate with Japan’s LINE NFT marketplace and will be accessible to users worldwide through a user-friendly mobile app.
According to a spokesperson from LINE NEXT, during the beta service, DOSI has garnered substantial traction in key markets, including Korea, Japan, Thailand, Taiwan, Indonesia, Vietnam, and India. As the platform heads towards its official launch, the overarching objective is to extend its reach and popularity on a global scale.
Giving brands ownership
LINE NEXT is poised to revolutionize the digital landscape by empowering brands to claim ownership of their existing digital products, enabling seamless trading opportunities. The social media powerhouse is set to unveil cutting-edge web3 games featuring its beloved characters, BROWN & FRIENDS.
With a commitment to establishing a Web3 app standard accessible to the general user, Kevin Lee, the managing partner of Crescendo, emphasized the vision of integrating blockchain into various Web2 services and brands. “We aim to create a paradigm shift, making blockchain adoption effortless for users across diverse services and Web2 brands,” he stated confidently.
CEO of LINE NEXT, Youngsu Ko, outlined the team’s ambitious plans to not only propagate the adoption of Web3 but also to cultivate a novel service ecosystem, where users truly own the intrinsic value of their digital assets. This forward-thinking approach aligns with the social media giant’s strategic foray into the web3 arena, marked by the establishment of LINE NEXT in December 2021 and the subsequent beta launch of its global NFT platform DOSI in September 2022.