Line Next, the NFT subsidiary of Line, the Japanese messaging giant, successfully concluded a substantial $140 million funding round. Spearheaded by Crescendo Equity Partners, this investment stands out as the most substantial support for an Asian blockchain company this year.
The Push Towards NFT Adoption
The substantial investment is earmarked for amplifying Line Next’s global NFT business and launching new services, with the highlight being the forthcoming launch of the Dosi global NFT marketplace in January 2024. Integrated with Line’s existing NFT platform in Japan, Dosi aims to revolutionise global digital asset trading through a mobile app interface.
Integrating Characters and Games into the Blockchain
Line Friends’ collaboration with Beanz by Chiru Labs, which is also the company behind popular NFT collection Azuki, in April this year.
Line Next, headquartered in South Korea with offices in the US and Japan, is also developing an AI-avatar-powered social app. Leveraging Line’s renowned Brown and Friends characters from the Line Friends IP, the company is set to introduce blockchain games, expanding its foothold in the NFT space. The company operates the Game Dosi platform, hosting various NFT games.
Collaborations and Blockchain Foundations
In a significant move, Line Next plans to build its new services on the blockchain network Finschia, formerly known as Line Blockchain. The native cryptocurrency of Finschia, LINK, will play a pivotal role in Line’s expansive plans. Additionally, Line Next and Peter Thiel are set to join the Finesse Foundation, fostering the growth of Crescendo-backed blockchains.
Commenting on the investment, Kevin Lee, managing partner of Crescendo, highlighted Line’s global competitiveness and its vision to spearhead Web3 services. He emphasised the aim to establish user-friendly Web3 applications, driving widespread blockchain adoption across Web2 services and brands.
Kevin Lee, managing partner of Crescendo (Image Source: Bloomberg)
Line’s Steady Progress in Web3
With a view to expand in the Web3 space, Line launched its proprietary NFT marketplace, LINE NFT, and sealed partnerships with major entities like Yoshimoto Kogyo, Square Enix, and the manga series Patlabor.
Square Enix’s Million Arthur NFT on NFT marketplace (Image Source: NFT marketplace)
Growing NFT Landscape in Japan
The broader Web3 ecosystem in Japan is witnessing rapid evolution, with LINE’s initiatives leading the charge. Animoca Brands, a prominent Japanese digital property and open metaverse company, also announced significant funding for its NFT project, Mocaverse, aiming to establish a loyalty system within Web3 games and entertainment.
Collaborative Efforts and Expansion Plans
Japanese industry leaders, aligned with Line Next’s recent investment, showcase the burgeoning potential of NFTs in reshaping the dynamic Web3 landscape. The synergistic partnerships and investment drives collectively amplify the transformative power of NFTs in Japan’s tech-savvy markets.
Navigating Japan’s NFT Revolution
The infusion of substantial capital into Line Next marks a decisive move towards accelerating NFT adoption in Japan. This investment, along with parallel efforts by industry leaders, signifies a profound transformation in how we engage with digital assets. As Japan fuels the momentum in the NFT space, these strategic steps reinforce the inevitability of NFTs in shaping the future of Web3 ecosystems, both within the country and beyond.