Zepeto, the South Korean metaverse platform, has been valued at $1 billion. It has crossed over that $1 billion mark after closing a $150 million round led by SoftBank. This investment is an indicator of the growing excitement and demand for metaverse platforms. Users can customize avatars and meet other users in creative, changing virtual landscapes. In more good metaverse news, Adidas has teased a partnership with The Sandbox. This announcement led to a tripling of its SAND token’s value.
Zepeto, a 3-year-old platform, is letting users create cartoonish 3-D avatars and interact with millions of others around the world. The platform quickly captivated 200 million users. In the background, over 1.5 million Studio creators are hard at work building unique experiences such as avatar clothing and 3-D environments. So far, Zepeto creators have earned 50 million studio item sales.
The Sandbox, a gaming platform using the blockchain with its native token SAND, was similarly lifted. Adidas suggested a collaboration, sparking a subsequent 25% price surge of the token. At the same time, SAND surged to all-time highs above $7, and a 70% increase in value just this week.
They aren’t the only major brands taking a step into the metaverse. Nike, as an example, collaborated with Roblox to develop Nikeland, a Roblox 3-D immersive experience. Roblox the platform makes $3 million in revenue a day, an amazing example of the economic potential these worlds have.
SoftBank’s investment in the Zepeto parent, Naver, is part of a larger play that has them investing in tech and fintech companies. Earlier in the week, the financial services company was expected to lead a reported $50 million funding round for Indian FinTech Juspay.
