LINE NEXT Secures Groundbreaking $140M for Web3 Expansion

Asia's Largest Web3 Investment in 2023

In a landmark move, LINE NEXT, a South Korean social media giant, has successfully garnered $140 million in a funding round. This investment, predominantly steered by the Peter Thiel-supported Crescendo Equity Partners, represents the largest Web3 investment in Asia for the year 2023. This achievement signals a notable progression in LINE NEXT's journey into the Web3 realm.

Strategic Global Expansion and Web3 Adoption

The company's strategic roadmap features plans to escalate its global presence and foster Web3 technology adoption, with a focus on Southeast Asia. These ambitious plans encompass the launch of an NFT marketplace, an AI-character-based social app, and a variety of Web3 games, illustrating LINE NEXT's innovative approach to the evolving digital landscape.

Introducing DOSI, the NFT Marketplace

A cornerstone of LINE NEXT's strategy is the creation of DOSI, a digital marketplace dedicated to non-fungible tokens (NFTs). Anticipated to launch in early 2024, DOSI will function as a mobile application, offering a platform for users worldwide to trade digital collectibles. This initiative aligns with the burgeoning interest in NFTs within the Web3 ecosystem.

AI Characters in Social Networking

Further diversifying its portfolio, LINE NEXT is developing a social application designed to enable interactions with AI characters. This groundbreaking concept aims to redefine the boundaries of social networking by offering a novel and engaging experience with artificial intelligence within the Web3 framework.

Venturing into Web3 Gaming

Acknowledging the escalating demand for Web3-based gaming, LINE NEXT plans to introduce a series of Web3 games. These games are crafted to captivate a wider audience by leveraging Web3 technology to create immersive and participatory gaming experiences.

Empowering Businesses with Web3 Solutions

In its pursuit to empower businesses in the digital realm, LINE NEXT intends to offer Web3 solutions that grant customers complete ownership of digital products. The company plans to utilize Finschia, a publicly distributed ledger, as the foundation for these solutions. This strategy resonates with the core principles of decentralization and user empowerment championed by the Web3 movement.

CEO Youngsu Ko of LINE NEXT expressed his enthusiasm for the funding round and the company's foray into Web3. He highlighted the importance of this funding in the current global investment climate, stating, “We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods.”

The Evolving Web3 Investment Scene

Despite a recent downturn in overall Web3 funding, there has been a notable increase in investments in metaverse projects. This trend indicates a shift in focus towards virtual spaces and digital experiences. While some investors are diversifying into AI, others, like SBI with its $600 million fund, remain dedicated to nurturing Web3 and AI startups with an emphasis on profitability and sustainability.

Despite the optimistic strides made by LINE NEXT in the Web3 sector, the broader investment climate remains challenging, with fluctuating interests and shifting priorities in technology investments.