South Korean messaging app LINE has secured a substantial $140 million investment to propel the advancement of LINE NEXT, its non-fungible token (NFT) ecosystem.
In a press release dated December 13, the funding, spearheaded by the technology-centric private equity firm Crescendo Equity Partners, is earmarked to foster LINE’s endeavors in the expansion and evolution of its Web3 projects.
The allocated funds will primarily aid the global launch of LINE’s NFT gaming platform, DOSI, slated for release in January 2024. DOSI is set to seamlessly integrate with LINE’s existing NFT marketplace, LINE NFT, and will be accessible to a global audience through a dedicated mobile app.
Currently in beta, DOSI has already garnered notable attention, boasting a user base exceeding 5 million and facilitating over 470,000 cumulative transactions within a year.
Beyond DOSI, the investment will contribute to the development of additional Web3 products and services, notably Web3 games featuring BROWN & FRIENDS characters — the popular stickers available on LINE’s mobile messenger app.
LINE has consistently been at the forefront of Web3 technologies. Notably, in 2022, the company garnered attention with the launch of its NFT marketplace, enabling users to engage in the buying, selling, and trading of NFTs. This recent investment is poised to further fortify LINE’s position in advancing and enhancing its Web3 ecosystem.
