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Zepeto Gets Valuation Of Over $1 Billion

Fashion metaverse, Zepeto, built by South Korean Naver Z Corporation, has received $150 million from Softbank. Wall Street Journal reported that the investment was part of a Series B funding round to enable Zepeto to meet up with increasing demand at this level. Zepeto’s valuation is now being placed over $1 billion as a result of the new funding.

Zepeto was created in 2018; it is one of the fastest-rising metaverses out of South Korea. Data from the Wall Street Journal shows that the Zepeto metaverse has at least 2 million daily users.  The metaverse is a fan favorite of females within the age range of 13 to 24. 

Users can create virtual versions of themselves on the metaverse that they use to explore the digital world. The traction Zepeto’s metaverse has received has not gone unnoticed by the big fashion houses. Gucci and Ralph Lauren have designed virtual clothing lines for the platform and put them for sale. 

Chief strategy officer of Naver Z Corporation Rudy Lee informed the Wall Street Journal that they have created what seems like the world’s biggest virtual marketplace for fashion. The ecosystem is becoming increasingly saturated by creators earning from fashion-related virtual items. The partnership with Softbank is not the only big partnership the company has had in recent times.

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NFT Launch With LINE

LINE Technology plus announced that it would be minting a rare NFT collection in partnership with Zepeto. The NFTs will be minted on the Line blockchain, according to the statement. The NFT collection will consist of 12 unique pictures of Zepeto Cherry Garden World. 

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The 12 different pictures will have only a hundred copies each, making it 1,200 NFTs in all. The NFTs are set to launch in Japan to only be available through CryptoGames’ NFTStudio. The NFTs will be sold for just over $4 each. After the initial sale in Japan, users will purchase the NFTs on LINE’s BITMAX NFT Market using LINK. This partnership is the latest NFT partnership for the Metaverse.

Random Earth Partners With Zepeto To Create NFT project

Random Earth is a popular NFT market revealed earlier this month that they were launching Terra One. Terra one will be the first of many metaverse projects under the company’s metaverse brand Random Sky. Random Earth disclosed that it would be launching the project in partnership with Zepeto.

CEO of Random Earth, Stargazer, revealed that he believes that there could be no better partnership for the project. He noted that Zepeto had massive followership of almost 300 million people and collaborations with firms in fashion and entertainment. Stargazer stated that very few metaverse companies could deliver as Zepeto will.

Other Deals and Outlook

Zepeto also created a $50,000 metaverse scholarship with IMM. These kinds of findings are sure to generate more traction for the metaverse. The most recent investment from Softbank will allow Naver to improve on the metaverse and create more functionalities in the future.

📰 Also read:  Nokia Projects Increase in Network Demand Citing Development on Metaverse 

Games built on blockchain technology or to use the metaverse are disrupting the gaming industry. The creator-based economy and immersive nature of the games are attracting more capital from big corporations. Experts believe this sector will be the next to blow up like NFTs in the coming years.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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