Softbank, a Japanese multinational conglomerate holding company, is said to be the most recent company to join the Metaverse craze. The company is in talks to invest $150 million in the South Korean Metaverse platform Zepeto.
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 roaming the metaverse while interacting with other users. 70% of platform users are female between the ages of 13 and 24, making it one of the few platforms dominated by women.
“We’re probably the world’s largest virtual fashion marketplace,” said Rudy Lee, chief strategy officer at Naver Z Corp., a subsidiary of the South Korean internet conglomerate that runs Zepeto.
In its most recent quarter, Zepeto reported 47 million users on its platform, making it one of the busiest metaverse platforms. With Softbank’s $150 million investment, it would be valued at more than $1 billion, making it one of the first metaverse unicorns. Aside from Softbank, South Korea’s HYBE Co., which manages the popular K-pop group BTS, is set to invest nearly $41 million in the metaverse platform in the Series B funding round.
Metaverse Projects are Increasing
The Metaverse has emerged as the most recent breakout use case from the crypto universe, and major mainstream financial institutions are showing strong interest in the ecosystem. Facebook, the social media behemoth whose first crypto venture failed before it even began, has undergone a massive rebranding and will now be known as Meta.
Sandbox (SAND) and Decentraland (MANA) tokens were among the top gainers in November. SAND and MANA have risen 10X and 7X in the last 30 days, respectively, during a period when the majority of the crypto market has been in the red and has lost nearly 20% of its value to bears.