SoftBank, a Japanese multinational conglomerate holding firm set to invest $150 million in the South Korean Metaverse platform Zepeto dominated by females
Softbank to invest $150 million into Zepeto
According to reports, Softbank, a Japanese multinational conglomerate holding firm, is the latest company to join the Metaverse mania. According to a report in the Wall Street Journal, the company is in talks to invest $150 million in the South Korean Metaverse platform Zepeto.
*SoftBank to Invest $150 Million Into Metaverse Platform Zepeto, Companies Say
— *Walter Bloomberg (@DeItaone) November 30, 2021
Zepeto is one of South Asia’s fastest-growing Metaverse platforms, with over 2 million daily users. Users can create a digital avatar by scanning a photo and then exploring the metaverse while communicating with other users. Females aged 13 to 24 account for 70% of the platform’s users, making it one of the few platforms dominated by females.
“We’re probably the world’s largest virtual fashion marketplace,” said Rudy Lee, the chief strategy officer at Naver Z Corp., a subsidiary of the South Korean internet giant that operates Zepeto.
In their most recent quarter, Zepeto recorded 47 million users on its network, making it one of the busiest metaverse sites. With Softbank’s $150 million investment, the company would be valued at over $1 billion, making it one of the first metaverse unicorns.
Apart from Softbank, South Korea’s HYBE Co., which manages the popular K-pop group BTS, is slated to invest approximately $41 million in the metaverse platform as part of the Series B fundraising round.
Projects in the Metaverse are Increasing
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.
Facebook, the social media behemoth whose initial cryptocurrency endeavor flopped before it even got off the ground, has undergone a major rebranding and will now be known as Meta.
Sandbox (SAND) and Decentraland (MANA), both metaverse tokens, were among the top gainers in November. SAND and MANA gained 10X and 7X in the last 30 days, respectively, at a time when the majority of the crypto market was in the red and had lost nearly 20% of their value to bears.