Zepeto, South Korea’s leading metaverse platform, is counting on nonfungible tokens (NFTs) with its ZTX joint venture with jump crypto that guided the seed round.
Zepeto, a famous metaverse platform in South Korea, is moving into the blockchain space using its ZTX (ZepetoX) initiative, developed via a partnership with Jump Crypto. Today, ZTX announced a 13-million-dollar seed round guided by its venture capital partner.
Everest Ventures Joins Parataxis and MZ Web3 in Fundraiser for Zepeto’s Metavese Project
Examples of other investors included in the Jump Crypto-led round include Parataxis, Collab+Currency, Everest Ventures Group, and MZ Web3 Fund. The mobile-first Zepeto is valued at more than $1 billion and is considered Asia’s biggest ‘Web 2’ metaverse platform in terms of active user metrics.
Besides, it is the fourth-biggest metaverse platform internationally behind famous games, including Minecraft, Roblox, and Fortnite. Naver, a tech group, owns Zepeto and claims to have attracted more than 400 million users since its introduction in 2018.
Zepeto intends to utilize ZTX to aid in boosting the adoption of crypto. In this case, it will introduce 3D environment ownership. This month, ZTX intends to introduce its first Genesis Home Mint. Collecting 4000 bespoke three dimension houses, sold as nonfungible tokens on Arbitrum, an Ethereum scaling platform, grants membership to one of the four districts. In addition, it grants access to future events, drops, and in-game improvements.
ZTX Counting on Experienced Blockchain Development Team for Metaverse Infrastructure
Last month, the metaverse platform introduced a beta test of its imminent platform and partnered with Dust Labs, the company that powers the nonfungible token projects y00ts and DeGods, on a community-focused initiative referred to as Partner Wearables. It offered tools to IP holders to make 3D assets to be utilized in the game.
Via a statement, Chris Jang, ZTX’s co-chief executive officer, stressed the commitment of the startup to offering an infrastructure layer for developers. Members of the ZTX team include senior alumni from EA, Apple, Epic Games, and Roblox. Additionally, the team entails blockchain gurus who have built on Flow, Solana, and Cosmos.
Zepeto Targets More Success in NFTs Segment
Ricky Kang, Naver Z business, spoke to the Financial Times last fall and described Zepeto as the initial avatar-centric social network of its kind. He compared it to social media platforms, for instance, Instagram and TikTok.
Currently, Zepeto intends to double up that success into the world of nonfungible tokens, placing it in competition with the rest of the metaverse games and platforms that have provided virtual land to users. This includes Otherside, The Sandbox, and Decentraland.
Zepeto’s major Web2 network has pursued a license-founded business framework through strategic collaborations with entertainment and fashion brands. This includes brands such as coffee giant Starbucks, K-Pop girl group Blackpink, and fashion brands AMI Paris and Gucci. Lately, an avatar version of Gucci’s Cruise runway show was hosted by Zepeto, and visitors were allowed to buy items from the virtual store. Further, the physical event was live-streamed.
Editorial credit: Marco Lazzarini / Shutterstock.com
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