Line Next redefines NFT digital market in Web3 era
Dosi platform attracted more than 5.5 million beta users before its official debut in January
Line Next, the Web3 unit of Japanese-based LY Corp., has redefined the digital market with its mobile service Dosi, which made its official debut in January this year.
Line Next says it has transformed Dosi from an NFT platform into a dynamic digital service that integrates Web3 technology with existing web features.
Seeking to expand the non-fungible token ecosystem, Line Next is paving the way to lead the Web3 market by offering differentiated services and exclusive digital perks users want.
The beta version of Dosi, which was released in September 2022, was a major initiative taken by Line Next as part of its plans to shape the Web3 ecosystem. As of January this year, more than 5.5 million users from around the globe had accessed the digital platform, having made more than 560,000 cumulative transactions, according to the company.
With items related to sports, K-pop artists and foods and beverages, a thriving market developed for all sorts of digital items. One notable example was the digital collection for the LG Twins that won the 2023 Korean baseball championship.
It consisted of collectibles with the players’ autographs and exclusive opportunities to attend fan events. The LG Twins collection sold out within minutes of its release on Dosi’s beta version.
Additionally, digital pieces were launched as part of an NFT collaboration between LG OLED and Korean abstract artist Kim Whan-ki to celebrate the opening of Frieze Seoul 2023, which led to $97,125 in transactions.
Dosi has made a point of developing NFT products that offer both online and offline benefits, which has helped attract its large user base, including many people with little to zero experience with blockchain technology or NFTs.
“I had never purchased an NFT online before, but as a longtime LG Twins fan, after seeing the perks that came along with the product, I did not want to miss out on this chance,” a Dosi user said on a condition of anonymity in a survey conducted by Line Next.
The platform offers a wide range of popular digital products, with more than 20 million digital collectibles from some 150 brands including Japan Airlines, the highly successful Korean reality dating show “Heart Signal” and trading card game “Cards Ahoy!”
With the official launch of Dosi in January, Line Next aimed to lower the difficulty of learning how to use NFTs by redefining them simply as digital products. The more straightforward and familiar term helped users feel more comfortable.
According to a report by Grand View Research, the NFT market this year is valued at $35.7 billion and is forecast to reach $211.7 billion by 2030 with a compound annual growth rate of 34.5 percent. Morgan Stanley also predicted that there will be 550 million Web3 users by 2025.
But its rise has faced challenges, including a lack of understanding among general users of how NFTs work and the low popularity of digital items sold or traded on NFT marketplaces.
The NFT platforms have also faced hurdles in streamlining transactions, since users need to create a separate wallet for cryptocurrencies, which are generally accepted as the only payment method.
“Realizing this situation, we began to ask ourselves fundamental questions: What do users want? What is the value of these digital products? And how can we make Dosi more accessible to all users?” said Kim Woo-suk, business director at Line Next. “We questioned everything from the user’s point of view and carefully selected services to cater to their needs.”
On Dosi, however, digital products are grouped into specific categories that are most in-demand by users, including limited-edition memberships, special discounts, game items, exclusive content and access to private events related to the arts, sports and entertainment.
Users can make mobile payments via Line Pay, Naver Pay, Google Pay and Apple Pay, alongside credit cards and virtual assets in the official version of Dosi. Since the launch of the official version of Dosi, more than 50 percent of buyers are newcomers to the Web3 market.
By exploring new partnerships, Line Next plans to showcase a wide variety of unique services and digital products to connect more users to Web3 and create immersive experiences available only on Dosi.