Crypto News- Youngsu Ko, CEO of Line Next, underscored the noteworthy achievement of securing funding, particularly amidst the global investment contraction.
Ko emphasized the significance of the investment, stating, “It is significant that we were able to secure this funding in the context of a globally contracting investment environment.”
Line Next Secures 140M Dollars Funding to Propel its Ambitious Global Web3 and NFT Marketplace Vision
The freshly acquired funds are earmarked to propel the company’s global expansion and foster innovation. Line Next’s ambitious plans include launching a global NFT marketplace, introducing a virtual avatar social app, and creating additional web3 games to redefine user interactions with digital assets.
Despite the recent downturn in NFT trading, with a 94% decline in monthly trading volume since January 2022, Line Next remains at the forefront of the digital assets realm. The company has successfully established an NFT platform featuring K-pop star collectibles and rolled out several web3 games, amassing a user base of 5.5 million with over 470,000 transactions.
Amidst debates about the vitality of the NFT market, Line Next’s resilience mirrors broader trends where collectors are increasingly adopting a long-term holding strategy. Platforms like OpenSea continue to maintain a robust active wallet count, with over 192,500 unique wallets currently on the marketplace, highlighting sustained interest in the NFT space.
Carlos Diaz, head of UNCUT, a creator-focused NFT platform, commented on the evolving nature of NFT marketplaces, noting a renewed focus on enhancing user experiences across the industry. Diaz emphasized the powerful role of NFTs as identity markers within communities and highlighted a shift from speculative trading to the formation of strong, interest-based communities.
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