Recently, Line's subsidiary Line Next, which focuses on NFT business, announced that it has received a substantial investment of up to $140 million from the private equity fund operator Crescendo Equity Partners and its consortium. This investment not only represents a significant scale in the Asian blockchain and Web3 fields, but also signifies Line's determination to prioritize and comprehensively lay out in this emerging area.
The funds from this round of financing will be used by Line Next to promote the popularization of Web3 technology, which is considered an important direction for the future development of the internet. In addition to expanding its global platform business, Line Next also plans to develop several new services. Among them, the most anticipated is the global NFT platform DOSI, expected to be launched in January next year. DOSI is not only an NFT trading platform, but will also integrate artificial intelligence technology to create a completely new social application experience. Furthermore, Line Next will also focus on developing game products combined with Web3, undoubtedly bringing new changes to the gaming industry.
In fact, Line began laying out in the Web3 field as early as 2018, demonstrating its foresight and strategic layout in this area. With these series of measures by Line Next, Line's influence in the Web3 field and its future development direction are worth further exploration.
Since the start of the previous bull market, LINE has been continuously exerting efforts in the blockchain and NFT fields
Starting in 2018, LINE began to establish a solid foundation in the blockchain and digital currency fields. It first launched the digital currency exchange BITBOX, the blockchain network LINK Chain, and the digital token LINK, marking LINE's initial exploration in digital asset management. By August 2020, this exploration further advanced as LINE launched the digital asset management service BITMAX Wallet, aiming to enable users to conveniently manage digital assets issued on its private blockchain network LINE Blockchain, such as cryptocurrencies and NFTs. Lee Hong-gu, the director of LINE's blockchain financial platform, foresaw a future in which cash would gradually be replaced by digital currency.
LINK token price trend
By December 2021, LINE established the dedicated subsidiary LINE NEXT, officially entering the NFT and Web3 fields. This move not only represents a significant investment and strategic layout in emerging digital assets, but also reflects LINE's profound insight into the future of blockchain technology and digital assets. LINE NEXT established two key business centers in South Korea and the United States, responsible for the strategic planning and business development of the global NFT platform, further confirming its strategic intent for global expansion.
In the NFT field, LINE has achieved significant success through its "LINE Blockchain NFT Market Beta" platform. Users in the Japanese market can use the platform token LINK on LINE's cryptocurrency exchange BITMAX to purchase NFTs. The platform successfully attracted blockchain partners from different fields, issuing over 1.3 million NFTs on LINE's blockchain.
In December 2022, LINE launched the "Finschia" blockchain mainnet through its subsidiary LINE Tech Plus. As a "third-generation blockchain mainnet," Finschia aims to simplify program management for developers and support smart contracts. The launch of Finschia signifies LINE's transformation into a decentralized platform providing social media and payment services, directly competing with Ethereum in dApp development. Additionally, LINE plans to merge the "Daphne" mainnet with Finschia, unifying all its blockchain services and launching the non-custodial wallet DOSI Vault.
In 2023, LINE NEXT launched its first Web3 game platform, Game Dosi. Game Dosi is not just a gaming platform, but an innovative ecosystem with the slogan "Gamers First, Web3 Next," aiming to establish a direct communication bridge and trust between developers and players. By investing resources, identifying developers' needs, and providing them with the best business models, Game Dosi is preparing to launch five new games in the latter half of this year, including Sweet Monster Guardians, VLO (Vestria the Last Order), KEROZ, Drawshop Kingdom Reverse, and Project GD, all based on LINE's newly launched third-generation blockchain mainnet "Finschia."
Through these strategic measures, LINE has not only solidified its position in the digital currency and blockchain technology fields, but also demonstrated its ability and foresight as an industry pioneer in the NFT and Web3 fields.
Leveraging its traffic advantage in the payment system, LN token assets' mechanism and performance have attracted attention
In March 2022, the well-known Japanese social app LINE introduced a significant innovation in its payment program LINE Pay: the introduction of its native token LINK as a payment option in its blockchain, distinct from Chainlink's token, abbreviated as LN. This not only expands the application scope of LINK (LN), but also enhances its payment convenience. The introduction of LINK (LN) provides LINE users with a new, fee-free payment option, reflecting LINE's recognition and promotion of the potential of digital currency in daily transactions.
This trial strategy is consistent with LINE's blockchain plan in 2021, indicating the company's efforts to connect LINK (LN) with more payment merchants to expand its usage scenarios in practical applications. When users select LINK (LN) as a payment method in LINE Pay, their LINK assets on LINE's BITMAX exchange will be directly transferred to the LINE Pay account for instant payment. Additionally, to encourage users to use LINK (LN) for payments, LINE provides incentives, offering users a 10% LINK (LN) rebate equivalent to the payment amount after the transaction.
The long-term goal of LINK is to drive Japanese society towards a cashless society. LINE Pay is striving to make LINK (LN) a commonly used payment method in daily life, which is not only reflected in its slogan "Designed for Everyone," but also in its efforts to popularize and make cryptocurrencies easier to use.
Unlike other cryptocurrencies or digital tokens, LINK (LN) adopts a unique issuance method. LINE chose not to issue LINK (LN) through an initial coin offering (ICO), but instead adopted a reward system. Users can earn LINK (LN) as rewards when using specific services within the LINE ecosystem. These services include but are not limited to participating in decentralized applications (dApps) related to LINK (LN). Subsequently, users can use these LINK (LN) in the upcoming dApp services, or in content, business, social, gaming, and trading services within the LINE ecosystem.
LINK (LN) was initially listed on the US exchange Bitfront of LVC Corporation, and later on the Japanese exchange BitMax. In the LINK (LN) ecosystem, there are two types of dApps: reward-based dApps and general-purpose dApps. Reward-based dApps are reviewed and allocated by the LINK Secretariat, and users can earn LINK when using or contributing to them; while general-purpose dApps can be freely built by any developer as decentralized applications.
Through this reward mechanism, the LINK (LN) ecosystem has formed a co-creation relationship centered around users, developers, and creators. The entire ecosystem is expected to issue 1 billion LINK (LN) tokens, with 800 million used for user rewards, and the remaining 200 million managed by the issuer LINE Tech Plus.
In the LINE blockchain network, users from around the world, regardless of their initial capital or geographical location, have the opportunity to earn LINK (LN) through contribution activities on the internet and use these tokens to access and utilize their favorite LINE services. This means that people worldwide have equal opportunities to participate in and benefit from the LINK ecosystem.
The LINE blockchain adopts a "zero reserve" strategy and introduces a predictable inflation mechanism to transparently issue new tokens within the ecosystem. For example, the inflation system of the Finschia chain allocates 80% of the inflation to direct demand and service growth, such as LINK (LN) staking and payment rewards, with the remaining 20% serving as a reserve for mainnet development and ecosystem activation. This inflation mechanism aims to enhance the value of LINK (LN) through a reward system, promote service growth, and prevent excessive speculation.
Finschia will set a maximum annual inflation rate of 5% to ensure network stability and sustainable development. By implementing LINK (LN) gas fees, Finschia aims to ensure the stable operation of the network and stimulate demand for LINK. With the stability of the token economy, the inflation policy of LINK (LN) will increasingly focus on network contributions, service contributions, and ecosystem development.
The introduction and promotion of LINK (LN) are not only a significant innovation for the LINE payment system but also an important milestone for the overall development of the digital currency and blockchain ecosystem. Through these measures, LINE demonstrates its deep understanding and long-term strategy in the field of digital currency, making LINK (LN) a bridge connecting daily life and the world of digital currency.
The future of LINE is worth watching as the global financial sector urgently needs more Web3 financial innovations
As LINE continues to delve deeper into the blockchain and Web3 fields, the successful integration and promotion of its native token LINK (LN) not only signifies a major step forward in financial technology but also heralds the widespread prospects of digital currency applications in daily life.
This strategic move by LINE not only brings more convenient payment experiences to users but also sets a new benchmark for the digital currency market.
Looking ahead, LINE and its LINK (LN) token have tremendous potential in promoting the widespread adoption and application of blockchain technology, and are expected to have a profound impact on the global digital economy.
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