Social Large Line Raises $140 Million for NFT Push, ‘Brown and Associates’ Video games

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Line Subsequent, the NFT subsidiary of Japanese messaging big Line, has raised $140 million in a funding spherical led by personal fairness agency Crescendo Fairness Companions. The funding marks the most important backing for an Asian blockchain firm this yr, the corporate claims.

The agency plans to make use of the contemporary capital injection to develop its international NFT enterprise and introduce new providers to advertise wider Web3 adoption. First on the agenda is the official launch of Dosi, Line Subsequent’s international NFT market, in January 2024.

Built-in with Line’s current NFT platform in Japan, Dosi can be supplied as a cellular app that permits international buying and selling of digital belongings.

Line Subsequent—which relies in South Korea but additionally has workplaces within the U.S. and Japan—can also be creating a social app powered by AI avatars, in addition to blockchain video games using Line’s widespread Brown & Associates characters from the Line Associates IP. The corporate additionally operates the Recreation Dosi platform, which hosts a number of NFT games.

In April, Line Associates IP proprietor IPX introduced a collaboration with popular Ethereum NFT project Azuki that may yield issues like merchandise, content material, and occasions.

Line’s new providers can be constructed on the blockchain community Finschia, which was beforehand known as Line Blockchain (and initially the Hyperlink Chain). Finschia’s native cryptocurrency is LINK. Line Subsequent and the Peter Thiel-backed Crescendo will be a part of the Finschia Basis to contribute to increasing the blockchain’s ecosystem.

“Line’s international competitiveness and its imaginative and prescient to guide Web3 providers have been the funding thesis,” mentioned Crescendo Managing Companion Kevin Lee. “We hope to construct an ordinary for Web3 apps that common customers can simply use and undertake blockchain to all kinds of providers and types of Web2.”

Editor’s observe: This text was written with the help of AI. Edited and fact-checked by Andrew Hayward.

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