LINE NEXT Secures $140 Million to Boost DOSI NFT Mobile Platform
In Brief
LINE NEXT has successfully raised $140 million to launch its worldwide NFT platform, DOSI, which is expected to be available as a mobile application starting January 2024.
The NFT division of a prominent South Korean communications company LINE In a bold move, LINE NEXT has garnered $140 million in funding to broaden its Web3 ecosystem. This investment round, spearheaded by Crescendo Equity Partners, marks one of the largest funding efforts in the Asian blockchain Web3 sector this year.
Thanks to this new funding, LINE is all set to introduce its global NFT platform DOSI in January 2024. DOSI will function as a mobile app and will seamlessly integrate with Japan's NFT marketplace LINE NFT, making it accessible to users across the globe.
Beyond just facilitating digital product trading, LINE NEXT aims to partner with brands, allowing users to own digital assets and exchange them within the Web3 ecosystem. The firm also intends to roll out web3 games starring its popular characters, BROWN & FRIENDS, to further promote Web3.
Founded in December 2021, LINE NEXT initiated the beta version of its global NFT platform DOSI in September 2022, striving to carve out its space in the rapidly evolving blockchain and Web3 arena.
"It’s remarkable that we were able to secure this investment amidst a global contraction in the investment landscape,\" stated Youngsu Ko, the CEO of LINE NEXT. \"We aim to leverage this opportunity to further popularize Web3 and create a new service environment where users can enjoy ownership of their digital assets.\"
Japan Drives NFT Growth with Strategic Investments
The Web3 landscape in Japan is undergoing a swift transformation as companies delve into the innovative possibilities of NFTs .
LINE has made significant strides into the Web3 domain, launching its own NFT marketplace, LINE NFT, last year and forming partnerships with notable organizations, such as the entertainment giant Yoshimoto Kogyo, a leading game developer, Square Enix and the widely loved manga series Patlabor within the entertainment industry.
Recently, Animoca Brands, a leading firm in digital assets and open metaverse technology, announced announced that it secured $11.88 million in funding for its NFT initiative, Mocaverse, aimed at establishing a loyalty system for Web3 gaming, culture, and entertainment.
Previously, Animoca Brands also shared details about a partnership partnership with San FranTokyo to market its NFT project, Cool Cats, in Japan, targeting advancement in tech-savvy Asian markets.
The latest investment from LINE NEXT, in line with the initiatives of other leading Japanese enterprises, illustrates the immense potential that NFTs hold in transforming the ever-evolving Web3 landscape.
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