Zepeto, a renowned metaverse platform from South Korea, is branching into the blockchain space with their ZTX (ZepetoX) initiative. This project is a collaboration between Zepeto and Jump Crypto. Recently, ZTX announced a funding round worth $13 million, with participation from investors like Collab+Currency, Parataxis, MZ Web3 Fund, and Everest Ventures Group.
Zepeto, which is valued at over $1 billion, is a metaverse platform primarily focused on mobile devices. It’s considered the largest “Web2” metaverse platform in Asia in terms of active users and ranks fourth globally, following popular games like Roblox, Fortnite, and Minecraft. Owned by the South Korean technology conglomerate Naver, Zepeto has attracted over 400 million users since its launch in 2018.
With the ZTX project, Zepeto aims to promote the use of cryptocurrency by introducing ownership rights within their 3D space. ZTX has created a series of unique 3D houses and is selling them as NFTs on the Ethereum Arbitrum network. These houses hold not only financial value but also grant membership status within the community and access to rewards, events, and game enhancements.
Zepeto has collaborated with Dust Labs to generate 3D content for the game, establishing a strong connection with the community. The company is committed to providing infrastructure for creators and has assembled a diverse team including individuals with experience at Apple, Roblox, Epic Games, EA, and in the blockchain field.
Zepeto has achieved success through a licensing-based business model, partnering with fashion and entertainment brands such as Gucci, AMI Paris, Blackpink, and Starbucks. They’ve organized virtual Gucci runway events and enabled users to make purchases from the virtual Gucci store.
With the ZTX project, Zepeto is striving to translate their success into the NFT space, competing with other metaverse platforms and games like The Sandbox, Decentraland, and Otherside.