The division of the Line messenger focused on non-fungible tokens, named LINE NEXT, successfully raised $140 million in investments for the development and promotion of the Web3 ecosystem. The investment round was led by Crescendo Equity Partners, associated with Peter Thiel, which will now become a board member of the Finschia Foundation.
The organization's plans include launching the global NFT platform DOSI in January 2024. This platform will be integrated with the Japanese NFT marketplace LINE NFT and will become a mobile application available to users worldwide.
The LINE NEXT team intends to assist brands in managing ownership rights of digital products and trading them. All services will be based on the public blockchain Finschia. Additionally, the company plans to create Web3 games featuring well-known characters such as BROWN & FRIENDS.
Kevin Lee, Managing Partner at Crescendo, expressed hope for establishing a standard for Web3 applications and expanding the use of blockchain in various services and brands.
It's worth noting that Line launched its NFT marketplace in April 2022 and announced the closure of its associated bitcoin exchange, Bitfront, by March 31, 2023.
