Asia’s Line Messaging App Secures Millions in Investment and Plans to Grow into NFT Ecosystem

The South Korean texting behemoth Line has made the decision to enter the Web3 space. It has established Line Next Corporation as a special venture with the goal of growing the NFT ecosystem. Recently, the private equity company Crescendo Equity Partners led a $140 million (about Rs. 1,165 crore) investment round headed by the Line Next Corporation. Line Next hopes to offer a worldwide NFT platform soon with the help of this finance.

Line Next intends to formally introduce Dosi, its worldwide NFT platform, in January 2024. Users will be able to trade digital goods and assets on this platform. Line Next is to release Dosi as a mobile app and provide fresh ways to assist companies in transferring ownership and trading digital assets. This will facilitate the incorporation of Web3 features into the identities of users and brands associated with the Line Next platform.

The fact that we were able to get this finance in the face of a declining global investment climate is noteworthy. Youngsu Ko, CEO of Line Next, said in an official statement, “We intend to use this opportunity to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods.”

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Finschia is a public blockchain that Dosi will utilize. Line Next and Crescendo will join the Finschia Foundation’s board of directors.

Since its 2011 inception, Line has amassed over 470,000 total transactions and 5.5 million global users. Thus, the public may be able to experience with the digital assets sector thanks to its NFT program.

Given that South Korea is attempting to maintain a progressive stance towards the digital assets industry, the messaging giant’s shift towards Web3 is not entirely unexpected.

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In order to support the development of its cryptocurrency wallet, Seoul-based SK Telecom made the decision last year to establish and run a crypto wallet that is driven by cutting-edge Web3 capabilities in collaboration with two blockchain companies, AhnLab Blockchain Company and Atomrigs Labs.

According to a statement made by South Korea’s minister of research, technology, and communication technologies, Lim Hyesook, the country plans to spend about $177 million, or around Rs. 1,372 crore, in supporting metaverse initiatives that would also create jobs in the industry.