LineNext, a pioneering force in the realm of Web3 and a subsidiary of the renowned Japanese messaging app Line, has recently achieved a significant milestone with a $140 million funding round. This substantial investment, spearheaded by Crescendo Equity Partners, a private equity firm supported by Peter Thiel and located in South Korea, is poised to catapult LineNext’s Web3 platform into an exciting new era of development and expansion.
Nearly a year ago, LineNext embarked on its journey by unveiling a browser-only beta service. This innovative offering took the form of a consumer-to-consumer (C2C) marketplace, ingeniously built upon the foundation of its non-fungible token (NFT) platform known as DOSI. The objective of this beta phase was clear: to gauge the immense potential of various Web3 services, ranging from NFT platforms to avatar features, games, and entertainment. Woosuk Kim, the business director of LineNext, emphasized this during a conversation with industry insiders.
With the fresh infusion of capital, LineNext is gearing up for the grand launch of its official NFT platform, DOSI, and a slew of exciting Web3 services in January of the coming year. These offerings will include the much-anticipated mobile app for DOSI, set to cater to a global audience, as well as the integration of games and the involvement of over 100 partners from LINE NFT in Japan into the DOSI platform. Moreover, LineNext intends to introduce a revolutionary development tool designed to empower Web2 brands to metamorphose into Web3 digital products. This tool will grant users direct ownership, enabling them to trade their digital wares seamlessly on DOSI. LineNext is also on the brink of launching a captivating social app, which will facilitate user communication through AI avatars and introduce an array of captivating Web3 games featuring Line’s beloved character, Brown, and Friends.
Kim shed light on these exciting developments by stating, “For the full-scale launch scheduled for January, we are expanding our service portfolio, encompassing digital products for brand memberships, enriched content, event tickets, and a captivating selection of games. In addition, we are planning to introduce a wide range of international mobile payment options beyond Naver Pay and LINE Pay.”
A key objective for LineNext is to democratize Web3 accessibility, making it available to a diverse audience that includes app users, gamers, consumers, and entertainment enthusiasts alike. When queried about the fluctuations in the NFT market and its potential resurgence following the 2021 and 2022 NFT boom, Kim affirmed the company’s belief in NFTs as the future standard for valuable digital assets. He expressed optimism that, while the early stages of the NFT market were marked by speculative products, LineNext is determined to rebuild and expand the market, creating a sustainable ecosystem.
During its beta phase, LineNext amassed an impressive global user base of 5.5 million users, facilitating over 470,000 cumulative transactions. Established in 2021, LineNext generates revenue by levying platform fees on its users, with plans to explore additional revenue models through the issuance, distribution, and trading of digital products.
What sets LineNext apart from its competitors is its extensive global infrastructure and expertise, derived from its wide-ranging global services. An exciting development is the company’s commitment to deliver its services on its public blockchain mainnet, Finschia. This mainnet offers transaction speeds that are 400 times faster and network usage fees that are 98% lower than Ethereum, underscoring LineNext’s commitment to providing a seamless and cost-effective Web3 experience.
In terms of corporate structure, LineNext Korea manages the strategic direction of Web3 business, while LineNext U.S. oversees the NFT platform business.
LineNext has garnered significant support in the past, securing $10 million in strategic investments from prominent entities such as SoftBank Corporation, Naver, Naver Webtoon, Naver Z, Line Games, CJ ENM, YG Plus, Hashed, Shinsegae, and K Auction. It’s important to note that LineNext is wholly owned by LY Corporation, a merger involving SoftBank Group’s Z Holdings and four subsidiaries, including Line Corporation and Yahoo! Japan.
In conclusion, LineNext’s recent funding triumph signifies a pivotal moment in the evolution of Web3 and digital ownership. With ambitious plans for the future, a robust ecosystem of services, and a commitment to accessibility, LineNext is well-positioned to shape the Web3 landscape and redefine the way we interact with digital assets. The journey ahead promises to be an exhilarating one, as LineNext endeavors to make Web3 a global reality.
