Source: Cointelegraph Original: "{title}"
LY Corporation denied reports that its Web3 venture capital subsidiary Line Next has established a commercial partnership with Soneium, an Ethereum Layer-2 network supported by Sony.
The statement was released on March 28, following media and social media reports that a partnership between LY and Soneium had been confirmed.
LY Corporation stated, "These reports are based on a statement released by Soneium on March 12, which mentioned its plans to expand its business on our platform using the LINE API and LINE Mini Apps. However, Soneium has not established any commercial partnership or similar arrangement with LY Corporation."
In response, a Soneium spokesperson told Cointelegraph, "Our March 12 statement mentioned collaboration, including exploring the integration of on-chain Mini Apps into the Line ecosystem. We firmly believe that all content published in the official statement is accurate."
The spokesperson added, "LY Corporation has also directed readers to our statement for context and clarification. Additionally, Soneium has obtained permission to mention Line in the statement, and the Kaia Mini App is not exclusive to any single service provider."
Japanese Tech Giant and Its Blockchain Venture Capital
LY Corporation is a Japanese tech giant formed by the merger of several major entities, including Japan's largest information platform Line and Yahoo Japan. The 2023 merger also brought Line's Web3 division, Line Next, under LY.
Line Next was established at the end of 2021 and raised $140 million in December 2023 from a consortium led by Crescendo Equity Partners. In January of this year, it launched "Mini Dapps," offering games and social content embedded in LINE Messenger, similar to the popular trend of Telegram Mini Apps, which have gained popularity through click-to-earn games and airdrops.
Line's Mini Dapps are powered by Kaia, a Layer-1 blockchain formed by the merger of Line's Finschia chain and Kakao's Klaytn network. On March 6, Line announced that the number of users for its Mini Dapps had surpassed 35 million.
According to Line Corporation, the most popular Mini Dapp on Line generated $773,000 in revenue within its launch month.
Like Line Next, Soneium is also supported by a heavyweight Japanese tech company (referring to Sony). Soneium was developed by Sony Block Solutions Labs and launched its mainnet in January this year, featuring NFTs tied to Amazon Prime Video content.
Soneium Leverages the Global Power of Anime
On March 28, Soneium announced a separate partnership with Animoca Brands to promote anime culture in Web3.
Through this partnership, Animoca's digital identity platform Moca Network will create a decentralized identity layer on Soneium, starting with Anime ID, a reputation-based identification code for anime fans.
This move comes amid a surge in global interest in anime content. In a media interview in 2024, Crunchyroll President Rahul Purini stated that research from the platform found that 800 million people outside of China and Japan are watching anime content, while Crunchyroll's anime library and access are limited to these two countries.
Related: Ghibli meme coin surges as the internet is flooded with AI images in the style of Studio Ghibli.
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