Zepeto, the popular metaverse platform from South Korea recently landed a jackpot $150 million investment from Soft Bank, a Japanese multinational conglomerate holding company. Additionally, the company also received a $41 million investment from HYBE, the manager of the worldwide famous K-Pop group BTS. Read on to know more details about this latest business development.
A big win for Zepeto
Zepeto was initially launched in the year 2018 by South Korean internet giant Naver’s Corp. Zepeto is a metaverse-based application of sorts and allows users to create and customize cartoony avatars, interact with other users on the platform, and much more. According to reports, the application currently boasts of up to 2 million players worldwide with the bulk of the market situated in Indonesia and China.
According to Naver’s estimates, 70% of the users on Zepeto are said to be females between the age of 13 to 24. Recognizing this, the application has launched a large number of fashion, clothing, and makeup items. These aren’t just any normal items. Many of the items are works by luxury brands such as Gucci, Ralph Lauren, and more. Additionally, the metaverse platform also features celebrity clothing giving its audience the chance to cosplay as some of their favorite celebrity figures. Zepeto has gone as far as organizing fan meetings to give its users a chance to meet with some of their idols.
Not only is Zepeto a social platform, but it also gives users a chance to make some money off it. The app has become popular for allowing its users to design and sell virtual clothing for real money. Thus, Zepeto functions as a source of income for a sizeable chunk of its users. Zepeto themselves has encouraged the practice by giving away scholarships and other incentives for its userbase.
What are your thoughts about Zepeto receiving an investment from Soft Bank and HYBE? Let us know in the comments below!
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