Line Next, a leader in the NFT domain and a collaborative venture of SoftBank and Naver, has recently announced an impressive $140 million funding achievement led by Crescendo Equity Partners.
This funding marks the largest blockchain and web3 investment in Asia this year, according to Line Next’s recent statement.
Line Next Gets NFT and Web3 Funding Infusion
Youngsu Ko, CEO of Line Next, emphasized the importance of this achievement, especially considering the globally contracting investment environment.
Ko highlighted the investment:
“It is significant that we were able to secure this funding in the context of a globally contracting investment environment.”
The company plans to use these funds to propel its global business forward and to develop innovative new offerings.
Read more: 5 Best NFT Marketplaces You Should Know in 2023
These include the launch of a global NFT marketplace, the introduction of a virtual avatar social app, and the development of more web3 games, aiming to revolutionize the way users interact with and value their digital goods.
Despite the recent downturn in NFT trading, with a 94% decline in monthly trading volume since January 2022, Line Next continues to pioneer in the digital assets realm.
The company has successfully set up an NFT platform featuring K-pop star collectibles and launched several web3 games, amassing a user base of 5.5 million with over 470,000 transactions.
Is the NFT Market Still Alive?
This resilience in the NFT market is echoed in broader trends. Collectors are increasingly focusing on long-term holding of assets, as indicated by a report from NFT18, which notes that the period between an NFT purchase and resale has almost quadrupled since 2021.
Moreover, platforms like OpenSea continue to maintain a healthy active wallet count. Currently, there are over 192,500 unique wallets on the marketplace, underscoring the sustained interest in the NFT space.
Carlos Diaz, the head of UNCUT, a creator-focused NFT platform, points out the evolving nature of NFT marketplaces.
Diaz stated:
“OpenSea was bringing in money, you know, bucket loads, but there wasn’t really a focus to enhance the user experience. Now everyone is refocusing on that.”
He emphasized the significance of NFTs as powerful identity markers within communities. He also highlighted a shift from speculative trading to building strong, interest-based communities.
Read more: Top 3 Platforms To Buy and Sell NFT Trading Cards in 2023
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