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

Social Large Line Raises 0 Million for NFT Push, ‘Brown and Mates’ Video games

Line Subsequent, the NFT subsidiary of Japanese messaging large Line, has raised $140 million in a funding spherical led by non-public fairness agency Crescendo Fairness Companions. The funding marks the most important backing for an Asian blockchain firm this 12 months, the corporate claims.

The agency plans to make use of the recent capital injection to increase 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 shall 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 growing a social app powered by AI avatars, in addition to blockchain video games using Line’s widespread Brown & Mates characters from the Line Mates IP. The corporate additionally operates the Sport Dosi platform, which hosts quite a lot of NFT video games.

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

Line’s new providers shall be constructed on the blockchain community Finschia, which was beforehand referred to as Line Blockchain (and initially the Hyperlink Chain). Finschia’s native cryptocurrency is LINK. Line Subsequent and the Peter Thiel-backed Crescendo will be 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,” stated Crescendo Managing Companion Kevin Lee. “We hope to construct a normal for Web3 apps that normal customers can simply use and undertake blockchain to all kinds of providers and types of Web2.”

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

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Written by bourbiza mohamed

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