The NFT Branch of Social Network Line Next Raises 140 million USD

 Line Next, the NFT arm of media giant Line, announced it has raised $140 million led by Crescendo Group

According to a statement released on December 13, Line Next is looking to expand its Web3 ecosystem. The project has raised $140 million led by Crescendo Equity Partners, a private equity firm backed by Peter Thiel, one of the founders of PayPal.

【重要なお知らせ】
2024年1月LINE NEXT Inc.提供の「DOSI」がリニューアルされ、新「DOSI」としてサービス展開される予定となりました。

新「DOSI」のサービス開始にあたり、LINE Xenesisにて提供しておりましたWeb3関連サービスが順次終了となります。

※詳細はこちらからhttps://t.co/2lKg4OSs2a pic.twitter.com/69oMUaeL1n

— LINE NFT (@linenft_jp) November 15, 2023

With the new capital, Line plans to launch a global NFT social network called DOSI in January 2024, which allows users to interact through characters created with AI technology. The project will also feature a Web3 game, which was revealed to use characters called BROWN & FRIENDS.

According to the information on the post, Line Next will build these applications on the Finschia chain. At the same time, both Line Next and Crescendo will join the Finschia Foundation as administrative members, contributing to expanding the organization's ecosystem.

Youngsu Ko, CEO of LINE NEXT, said:

“It is important that we are able to secure this funding in the context of a shrinking investment climate globally. We intend to use this opportunity to further popularize Web3 and grow the ecosystem with new services.”

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Popular social network in Korea, Line, has previously been actively involved in the Web3 space. In December 2021, Line founded Line Next and launched the beta version of DOSI in September 2022. Also in the post, the project shared that DOSI currently has more than 5.5 million users in the world with more than 470,000 transactions.