In Brief:
- Zepeto raised $150m in a SoftBank-led Series B funding round.
- The newly raised funds value the metaverse platform at $1B.
- Kpop giant BTS’ parent company HYBE CO. is expected to invest $41M in Zepeto.
The leading fashion metaverse platform, Zepeto, secured a $150 million investment from Softbank in a Series B funding round, valuing the platform at $1 billion.
According to The Wall Street Journal report, South Korean company HYBE Co., which handles the popular K-pop group BTS, is expected to invest about $41 million in the metaverse platform as part of the investment round.
Developed by South Korea’s Naver Corp, Zepeto roughly has 2 million active users daily. Users can create a digital avatar by scanning a photo and then explore the metaverse platform while communicating with other users.
Approximately 70% of Zepeto’s players are female and between the ages of 13 and 24. According to Naver, this is a rarity in a metaverse dominated by older male gamers.
Global fashion houses such as Gucci and Ralph Lauren have taken notice of the platform’s expanding appeal. These companies have created virtual apparel items that are available for purchase on the site.
“We’re certainly the world’s largest virtual fashion marketplace,” stated Rudy Lee, chief strategy officer of Naver Corp.
Musician and actress Selena Gomez, and Blackpink, a popular K-pop girl group, have both sold special merchandise and organized fan events on the platform.
According to Mr. Lee, Naver Z’s strategy officer, Zepeto just released a new tool for creators to use to create games and other interactive apps for the platform.
In addition, the corporation is establishing a creators fund to support similar activities. According to him, a desktop version of Zepeto is in the works and will be released next year.
The Metaverse ecosystem has become the most recent breakout use case from the crypto realm, with major conventional financial organizations exhibiting a lot of interest in it. A few days back Tokens.com announced the largest Metaverse land acquisition in history, worth $2.5 million. The firm acquired 116 parcel estate in the Fashion Street district within Decentraland via its subsidiary, Metaverse Group.
