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Line Next, the US-based blockchain arm of South Korean social network Line, has successfully secured a $140 million strategic investment from Crescendo Equity Partners. This substantial funding is intended to accelerate the growth of Line Next's DOSI blockchain social and gaming platform in the coming year. Throughout 2023, Line Next has been developing a beta browser-based version of DOSI, setting the stage for the official launch of its mobile app in January 2024. The newly acquired funds from Crescendo Equity Partners are expected to play a pivotal role in ensuring a smooth and successful launch.
Line Next is a division of Line, one of Asia's prominent messaging companies. The team only recently unveiled its second web3 game, Sweet Monster Guardians, on its gaming platform, Game Dosi. This innovative game seamlessly integrates non-fungible tokens (NFTs) into its gameplay, drawing inspiration from the beloved South Korean character brand, Sweet Monster. Line Next, headquartered in Seongham, South Korea, is dedicated to developing and expanding the non-fungible token (NFT) ecosystem. Sweet Monster Guardians is a web-based strategic defense game, that offers player a seamless gaming experience directly on PCs and mobile devices without the need for a separate client download. The game combines NFTs with the existing mobile game of Sweet Monster, a successful Korean character brand known for character licensing and dessert franchise businesses.
The upcoming mobile app aims to seamlessly integrate with Line's existing NFT marketplace in Japan and other services, including the popular DOSI Citizen. Line Next's roadmap also includes the development of an AI-based social app, utilizing the platform's avatars, and introducing new games featuring the Brown & Friends intellectual property. While the current Game Dosi platform lists four titles, Line Next envisions broader collaboration with developers of web2 games in the future. This strategic move aims to empower developers to sell non-blockchain assets and currencies alongside NFTs, expanding the platform's offerings and appeal. As part of the $140 million investment agreement, Crescendo Equity Partners will take on the role of a governance member in Line Next's Finschia blockchain, the backbone of the DOSI platform. This strategic partnership is anticipated to fortify the foundation of DOSI and create new opportunities for growth and innovation. Line Next reports an existing user base of approximately 5.5 million DOSI users and a distribution of over 20 million NFTs. The investment aligns with Line Next's vision of global competitiveness and leadership in web3 services.
Kevin Lee, Managing Partner of Crescendo Equity Partners, shared the investment thesis, stating: "Line's global competitiveness and its vision to lead Web3 services were the investment thesis. We aim to build a standard for web3 apps that general users can easily use and adopt blockchain for various web2 services and brands." With this substantial $140 million injection, Line Next is poised for an exciting 2024, marking a significant step forward in the evolution of blockchain-based social and gaming platforms. As Line Next continues to integrate technology with mainstream applications, the industry eagerly anticipates the impact it will have on the future of gaming and social interactions.
