Zepeto Expands into Blockchain with ZTX Initiative
Zepeto, the South Korean metaverse platform, is venturing into the blockchain space with its ZTX (ZepetoX) initiative. The $13 million seed round for ZTX, led by venture capital partner Jump Crypto, includes investors such as Collab+Currency and Parataxis. As Asia’s largest “Web2” metaverse platform, Zepeto boasts over 400 million users since its launch in 2018. With ZTX, Zepeto aims to promote crypto adoption by introducing ownership to its 3D environments. ZTX’s inaugural Genesis Home Mint, consisting of 4,000 bespoke 3D houses sold as NFTs on Ethereum scaling network Arbitrum, offers membership to one of its four districts.
Key Points:
– Zepeto announces a $13 million seed round for its ZTX initiative led by Jump Crypto.
– Zepeto is Asia’s largest “Web2” metaverse platform with over 400 million users.
– ZTX aims to boost crypto adoption by introducing ownership to Zepeto’s 3D environments.
– The Genesis Home Mint, consisting of 4,000 NFT houses, will be launched on Arbitrum.
– Zepeto collaborates with Dust Labs on a community-centric initiative called Partner Wearables.
Zepeto’s Move into NFTs and Competition in the Metaverse
Zepeto, owned by Korean tech group Naver, has successfully operated as a license-based platform through partnerships with fashion and entertainment brands. It has recently hosted virtual events and allowed users to purchase items from the virtual Gucci store. With its expansion into the NFT world, Zepeto will compete with other metaverse platforms that offer virtual land, such as The Sandbox and Decentraland. Zepeto’s team, including alumni from Apple, Roblox, and Epic Games, is committed to providing an infrastructure layer for creators in the blockchain space.
Hot Take:
Zepeto’s entry into the blockchain and NFT space with ZTX shows its determination to stay ahead in the metaverse market. By integrating ownership and NFTs into its 3D environments, Zepeto aims to appeal to the growing interest in crypto adoption. With its large user base and strategic partnerships, Zepeto has the potential to become a significant player in the blockchain and metaverse industries.
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