Visitors are pictured in front of an art installation titled "Machine Hallucinations - Space: Metaverse" by media artist Refik Anadol. REUTERS/Tyrone Siu
REUTERS/Tyrone Siu
The Wall Street Journal reported that SoftBank invested $150 million in a South Korean metaverse platform that allows users to dress up their digital avatars in high-fashion labels.
The platform scored a $1 billion valuation with the funding round. The manager of the K-pop sensation invested over 40 million dollars.
The majority of the 2 million active daily users are females 13 to 24 years old, according to the Journal. Roblox has more than 40 million daily users.
According to its website, Zepeto allows users to create their own worlds where they can explore new spaces, hang out with friends, and play games. Users can make money by creating and selling their own virtual items. According to the Journal, Naver Z Corp Chief Strategy Officer Rudy Lee said that the world's largest virtual fashion marketplace is Zepeto.
Gucci has been building out its gaming strategy in order to bring in revenue and help its players express themselves, according to a March article from Vogue Business. Vogue said that it has partnerships with Roblox, Pokemon Go, and The Sims, as well as introducing its own platforms Gucci Arcade and Sneaker Garage.
Softbank's Vision Fund II has supported other metaverse-related companies. In early November, the fund poured nearly $100 million into Sandbox, a metaverse where one user bought a $650,000 digital yacht and where virtual land sales are soaring. Softbank did not reply immediately.
Since the company formerly known as Facebook changed its name to Meta, the concept of a digital world where people can interact has become mainstream.
Business Insider has an original article.
