Line, the Asian messaging large based mostly in South Korea, has determined to maneuver into Web3 waters. It has created a particular enterprise known as Line Subsequent Company that can be devoted to increasing the NFT ecosystem. In a latest growth, Line Subsequent Company has raised an funding of $140 million (round Rs. 1,165 crore) and the spherical was led by personal fairness agency Crescendo Fairness Companions. With this funding, Line Subsequent is seeking to launch a world NFT platform within the close to future.
In January 2024, Line Subsequent plans to formally launch its international NFT platform named Dosi. This platform will enable customers to commerce digital belongings and merchandise. Line Subsequent plans to launch Dosi as a cellular app and supply new options to assist manufacturers personal and commerce digital belongings. It will assist customers and types related to the Line Subsequent platform to combine Web3 parts with their identities.
“It is necessary that we had been capable of safe this funding within the context of a globally contracting funding atmosphere. We plan to make use of this chance to additional popularize Web3 and develop a brand new service ecosystem the place customers personal the worth of their digital items ,” mentioned Youngsu Ko, CEO of Line Subsequent in an official assertion.
Dosi will use the Finschia public blockchain. Line Subsequent and Crescendo turn out to be administration members of the Finschia Basis.
Line has clocked 5.5 million customers worldwide and greater than 470,000 cumulative transactions since its launch in 2011. Its NFT initiative might thus open up the digital asset sector for experimentation to the plenty.
The South Korean messaging large’s pivot in the direction of Web3 would not come as an entire shock because the nation tries to take care of a progressive method to the digital belongings sector.
Final 12 months, Seoul-based SK Telecom determined to create and function a crypto-wallet powered by superior Web3 options in collaboration with two blockchain firms – AhnLab Blockchain Firm and Atomrigs Labs – to assist the event of their crypto-wallet .
Lim Hyesook, the Minister of Science, Data and Communication Applied sciences of South Korea had additionally introduced final 12 months that the nation plans to take a position over $177 million (round Rs. 1,372 crore) in supporting metaverse tasks that can even set off job alternatives within the sector.