SoftBank Invests $150 M in the Metaverse Project Zepeto

by in Blockchain News

Zepeto SoftBank

Tokyo-based multi-industry company SoftBank Group invested $150 million in the fashion metaverse ecosystem Zepeto.

Related: CRO, SAND, ENJ, MANA Hit New Highs Amid DeFi and Gaming Boom

The latter was created by a South Korean development company Naver Corporation. Zepeto is a partner of blockchain-based play-to-earn protocol, The Sandbox.

As reported Wall Street Journal, the investment is a part of a Series B funding round, due to which the value of the metaverse reaches $1 billion.

The Zepeto app was launched in 2018. Currently, the number of its daily active users is 2 million. Zapeto allows users to create 3D avatars based on their photos and communicate with each having an engaging digital experience.

In May 2021 Zapeto announced a partnership with a decentralized gaming platform The Sandbox. The cooperation suggested creating parallel 3D space in their virtual worlds, providing user interaction and access to a series of NFTs.

On November 2, Animoca Brands, the company standing behind the development of The Sandbox, announced that it raised $93 M in an investment round led by Softbank Vision Fund 2.