Japanese billionaire Masayoshi Son’s SoftBank is investing $150 million in Asia’s busiest metaverse platform. The nascent but sizzling virtual world where people work and play through avatars.
SoftBank’s Vision Fund 2 made its investment in metaverse platform Zepeto
According to reports, SoftBank’s Vision Fund 2 invested in Zepeto. A metaverse platform run by Korean internet titan Lee Hae-jin’s Naver Z
According to the Wall Street Journal, the three-year-old Zepeto is worth more than $1 billion as a result of the investment. Korean billionaire Bang Si-HYBE, hyuk’s which handles K-pop boy band BTS, is one of Zepeto’s other investors.
According to Rajiv Biswas, Asia-Pacific chief economist at research firm IHS Markit. The Japanese tech investment behemoth invested in Zepeto because of the company’s big following. In addition, according to a Wall Street Journal study, Zepeto has roughly 2 million daily active users, making it Asia’s busiest metaverse platform. Sensor Tower, a market research organization, claims that Zepeto was downloaded 400,000 times in July of this year alone.
“This is an investment in the future of the internet and a prayer for a strong position on the brink of Web3. Which may reach quadrillions in value,” says Sean Su, a Taiwan-based independent tech sector expert.
“Major corporations are in a race to define the norm for virtual environments, or metaverses”. Su writes, “and enterprises like SoftBank are competing for an early lead”. “All in all, this is a massive market that any company with a long-term strategy would love to control.”
SoftBank hopes to hold a place for itself among the next generation of consumers
Su goes on to state that SoftBank intends to carve out a niche among the next generation of consumers. The Sandbox, a Hong Kong-based blockchain gaming company, had previously received $93 million in funding from the Vision Fund 2.
Kakao, the internet powerhouse founded by Korean billionaire Kim Beom-su. As well as fashion companies Ralph Lauren and Gucci, have partnered with Zepeto. A platform that allows users to buy and wear virtual fashion products and meet celebrities in virtual places, to help them grow their businesses. More than 70% of Zepeto’s customers are female and between the ages of 13 and 24 according to the Wall Street Journal.
“In South Korea, Zepeto has a huge Gen Z and Gen A following, making it a focus for digital advertising for Korean and international fashion brands,” adds Biswas.