Zepeto Metaverse raises $13M in seed round; 3D House NFTs will be up for sale
South Korea’s leading metaverse platform, Zepeto, is making a significant move into the blockchain space through its joint venture with Jump Crypto. The collaboration, which results in the ZTX (ZepetoX) initiative, aims to bolster crypto adoption by introducing ownership to Zepeto’s 3D environments through non-fungible tokens (NFTs).
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Seed funding
Today, Zepeto announced that it had raised $13 million in a seed funding round led by Jump Crypto, which also led the initiative. The funding round also included participation from other investors such as Collab+Currency, Parataxis, MZ Web3 Fund, and Everest Ventures Group.
Selling virtual real estate
This month, ZTX will debut its Genesis Home Mint featuring 4,000 distinct 3D homes available for purchase as NFTs on the Arbitrum blockchain. Those who purchase these NFTs will gain membership in one of four districts and access to future drops, events, and in-game enhancements.
ZTX has been actively building its platform, as evidenced by its introduction of a private beta test last month. The company also recently collaborated with Dust Labs, a firm that powers NFT projects such as DeGods and y00ts, to launch a community-centric initiative called Partner Wearables. This initiative provides tools to IP holders for creating 3D assets that can be used in the game.
In a statement, ZTX co-CEO Chris Jang underscored the company’s dedication to providing “an infrastructure layer for creators.” The team behind ZTX includes senior alumni from Apple, Roblox, Epic Games, and EA, along with blockchain veterans with experience building on Solana, Flow, and Cosmos.
Zepeto Metaverse
Zepeto is a mobile-first metaverse platform that has been valued at over $1 billion and is considered Asia’s largest “Web2” metaverse platform based on active user metrics. In the global metaverse platform rankings, it stands fourth, only behind the popular games Roblox, Fortnite, and Minecraft.
Zepeto, which is owned by the Korean tech group Naver, boasts of having attracted over 400 million users since its inception in 2018.
Impressive track record
Zepeto’s primary Web2 platform follows a license-based business model through strategic partnerships with notable fashion and entertainment brands. These partners include fashion brands like Gucci and AMI Paris, K-Pop girl group Blackpink, and coffee giant Starbucks.
Zepeto has also ventured into hosting events. Recently, it hosted an avatar version of Gucci’s Cruise runway show and allowed visitors to purchase items from the virtual Gucci store. The event was also live-streamed for online audiences.
With its entry into the NFT world through the ZTX venture, Zepeto is set to compete with other metaverse platforms and games already offering users virtual real estate, such as The Sandbox, Decentraland, and Otherside.
