Naver Z’s fashion metaverse platform ‘Zepeto’ attracts investment from Softbank, HYBE

Naver Z, which operates fashion metaverse platform ‘Zepeto,‘ has attracted 223.5 billion won or $150 million in the latest investment round led by Japan’s SoftBank, along with Mirae Asset, webcomic publisher Naver Webtoon, and K-pop agencies JYP, YG Entertainment, and HYBE, which manages K-pop band BTS.

Naver Z’s Zepeto metaverse, launched in August 2018, has grown popular among teenagers worldwide. Out of its total user base of over 240 million people, 90% are outside South Korea, and 80% are teen users. Users can create digital avatars on the Zepeto platform and interact in the app’s virtual space.

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The platform’s growing popularity has attracted attention from global fashion giants. Zepeto has collaborated with Dior, Nike, Gucci, and Ralph Lauren, which has released virtual collections on the metaverse. Globally popular K-pop groups Blackpink, ITZY and SF9, have also held virtual events or issued metaverse-exclusive K-pop content on the platform.

New collaboration with Supercat

Naver Z will establish a joint venture ZEP with local mobile game developer Supercat to develop and service the metaverse platform. The JV will service a virtual office in the metaverse where companies can hold meetings and workshops. The metaverse platform ZEP, which was released as a beta version, is easy to use and is expected to be used by a variety of age groups. ZEP is web-based and allows quick and simple access with one click of a URL without downloading or installing. In particular, it will enable up to 50,000 users to simultaneously access one space by utilizing the high-capacity traffic processing technology possessed by Supercat.

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