Home>Business>Line messenger’s NFT arm raises $140M for Web3 companies

Line messenger’s NFT arm raises $140M for Web3 companies

Line Subsequent, a enterprise devoted to the expansion of the nonfungible token (NFT) ecosystem, has raised $140 million because it prepares to launch a world NFT market in January 2024.

The Line Subsequent enterprise branched out of the favored WhatsApp-like messaging app from South Korea, Line, which is devoted to exploring Web3 initiatives. Peter Thiel-backed non-public fairness agency Crescendo Fairness Companions led the $140 million funding spherical.

According to the announcement, Line Subsequent’s world NFT market, DOSI, is scheduled to launch in early 2024 after integrating with Line’s present Japan-based NFT market, generally known as Line NFT. The brand new NFT market will launch as a cellular app and be obtainable globally.

The corporate may also use a part of the $140 million fund to introduce new Web3-focused companies, which embody a social app that permits customers to deploy synthetic intelligence (AI)-generated characters and Web3 video games.

Finschia public blockchain shall be utilized by Line’s NFT market, whereas Line Subsequent and Crescendo will grow to be governance members of the Finschia Basis. Line Subsequent presently caters to five.5 million customers worldwide.

Associated: TON blockchain launches on-chain encrypted messaging feature

In a current Cointelegraph podcast, Shane Mac, co-founder of XMTP — an open protocol and community for safe Web3 messaging — revealed a “big alternative” in rebuilding Web2 messaging platforms for Web3.

Mac defined how Web3 presents a brand new type of id the place individuals have wealth and character tied to pockets addresses however can’t talk with one another, including:

“To confirm a message with the pockets signature that’s the similar pockets signature that proves you personal what you say you personal felt like an enormous innovation.”

Whereas emphasizing Web3 messaging’s distinctive capabilities, Mac stated that Web3 messaging is a vital step in guaranteeing that customers have full management over their data and the way they work together on the web.

Journal: Lawmakers’ fear and doubt drives proposed crypto regulations in US