Line Next, a prominent player in the NFT market and a joint venture of SoftBank and Naver, has secured a substantial $140 million funding led by Crescendo Equity Partners. This investment stands as one of the largest blockchain and web3 contributions in Asia this year. The CEO of Line Next, Youngsu Ko, highlighted the importance of this funding, especially in the current global investment climate.
The company plans to channel these funds towards expanding its global operations and developing innovative offerings in the web3 space. These initiatives include launching a global NFT marketplace, introducing a virtual avatar social application, and developing more web3 games. Despite a downturn in NFT trading volumes, Line Next remains a pioneer in digital assets, having established a successful NFT platform featuring K-pop star collectibles and several web3 games, attracting 5.5 million users and over 470,000 transactions.
This resilience in the NFT market is echoed in broader trends, with collectors increasingly focusing on long-term asset holding. OpenSea, for instance, continues to maintain over 192,500 active wallets, indicating sustained interest in the NFT space. Carlos Diaz, head of UNCUT, a creator-focused NFT platform, notes the evolving nature of NFT marketplaces, emphasizing the shift from speculative trading to building strong, interest-based communities
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
