Zepeto, a Web2 metaverse platform, is stepping into the blockchain industry through ZTX, a joint venture founded in collaboration with Jump Crypto. On Tuesday, ZTX revealed it had raised more than $13 million in a funding round led by Jump Crypto along with other top venture capitalists like Everest Ventures Group, Parataxis, MZ Web3 Fund, and Collab+Currency.
Valued at $1.2 billion, Zepeto touts itself as the biggest Web2 metaverse platform in Asia and fourth globally, only behind Minecraft, Fortnite, and Roblox. According to its owner Naver, Zepeto has been visited by over 350 million people since its inception in 2018.
ZTX Set to Launch Its First NFT Collection
Now, Zepeto looks to fuel crypto adoption through ZTX by introducing NFT ownership on its metaverse. The Joint venture is set to release 4,000 3D houses to be offered as Non-fungible tokens on Ethereum layer-2 network Arbitrum. Owners of these houses will have early access to future NFT drops.
In July, ZTX announced its partnership with the company behind popular NFT collections y00ts and DeGods, Dust Labs. The two firms launched Partner Wearables, a community-centered initiative aimed at providing users with the required tools for creating 3D assets to be used in the metaverse.
At the time, ZTX CEO Chris Jang said the company was committed to offering creators “an infrastructure layer.” The team behind ZTX comprises former employees of big tech companies like EA, Epic Games, Apple, and Roblox, alongside Web3 gurus who have created projects on blockchains like Cosmos, Solana, and Flow.
ZTX looks to help Zepeto achieve success in the competitive NFT space. The project will compete with several other metaverse platforms that offer users digital land plots, such as Otherside, The Sandbox, and Decentraland.
Zepeto Aims to Onboard Traditional Brands to its Web3 Metaverse Platform
As of this writing, Zepeto has fostered partnerships with a number of entertainment and fashion brands, like AMI Paris and Gucci, along with pop musicians Blackpink, to onboard them to its Web3 metaverse platform.
Zepeto and Gucci have previously worked together, with the former hosting the latter’s Cruise runway show on its Web2 metaverse platform. During that time, users were allowed to buy digital items from Gucci’s virtual store on Zepeto.
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